Chartered Accountants Bill inserts LLP definitions, no fund expenditure
This Bill amends the Chartered Accountants Act, 1949 to allow chartered accountants to form Limited Liability Partnerships (LLPs) and to enter into partnerships with members of other recognized professions.
Members of the Institute of Chartered Accountants of India, firms of chartered accountants, and the Council of the Institute of Chartered Accountants of India.
- Inserts new definitions for 'firm', 'partner', 'partnership', and 'sole proprietorship' to include Limited Liability Partnerships and sole proprietorships registered with the Institute.
- Amends the definition of 'in practice' to include partnership with members of other recognized professions as prescribed.
- Clarifies that 'company' includes any Limited Liability Partnership that has a company as its partner for the purposes of Section 25.
- Empowers the Council of the Institute of Chartered Accountants of India to make regulations for recognizing other professions with whom members can enter into partnership.
Written from the document by AI, and checked against it. The original below is authoritative.
Where this law is now — Became law (Act)
The original document
Bill passed rs
2011-12-12
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Document details
| Official title | THE CHARTERED ACCOUNTANTS (AMENDMENT) BILL, 2011 |
| Source body | Parliament of India — Bills (Lok Sabha & Rajya Sabha) |
| Reference number | XXVIII |
| Status | closed (bill) |
| Year | 2010 |
| Closing date | — |
| Documents | 3 |