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Question ID : 41093

Merger of CA Firms

My Friend has started practice by taking COP on Sept 2018 and obtained FRN on 21/02/2020 and i have started practice with COP on 08/02/2020 and FRN on 20/02/2020 so if we merge both firm what would be the effective date of partnership firm? Kindly please help

Posted by GIRISHKUMAR MANGIDCAR on Jul 12, 2021


Answer ID : 81183

Effective date of partnership will be the date of registration of the firm, with which name new partnership firm is formed. If partnership firm is formed with new name, effective date of partnership will be date of registration of new partnership firm.

Posted by CA. chunauti dholakia on Jul 12, 2021
Answer ID : 81192

As far as I have been able to understand from the query that by merging the two firms you are going to create a new firm and if that is the case then effective date of the partnership shall be the registration of new firm with ICAI. If any of you are becoming a partner in another firm then your effective date of partnership firm shall be the date you are becoming partner in the another firm. Since the firms are too young so better merge and create a new firm.

Posted by CA. JHA SHANKAR KUMAR on Jul 16, 2021