Parliament Parliament of India
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.
Who it concerns: Members of the Institute of Chartered Accountants of India, firms of chartered accountants, and the Council of the Institute of Chartered Accountants of India.
What the bill does
- 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.
Also in the document
- The Bill extends the benefits of the Limited Liability Partnership Act, 2008 to firms of chartered accountants.
- The Financial Memorandum states that the provisions will not involve any expenditure from the Consolidated Fund of India.
- The Bill was introduced in the Rajya Sabha on April 20, 2010.
Where this bill is now: Became law (Act)
How this was written
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The original document
Parliament of India — Bills (Lok Sabha & Rajya Sabha)
Bill / law · Ref. XXVIII · 12 Dec 2011
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