Opening of proprietorship law firm

MANU (Querist) 26 February 2014 This query is : Resolved
Dear Sir,

Whether an practicing advocate can become sole proprietor of law firm ?.
Also, whether opening of current account in sole proprietorship firm is compulsory or else saving account is sufficient to operate?

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R.V.RAO (Expert) 27 February 2014
SAVINGS BANK A/C is sufficient for an advocate to start practice as a single/sole proprietor.
but there is no separate regn. required as a sole proprietor.
recently the new cos act 2013 created a single man company.also LL.P or limited liability partnerships are also available to start a profession.
but more than the form of organisation, the integrity of the professional will be viewed very high by the clients ,the public and the society.

Rajendra K Goyal (Expert) 27 February 2014
A practicing lawyer can become proprietor of law firm.

Banks generally does not open Saving Account in the name of firm and insist on opening of current account.

T. Kalaiselvan, Advocate (Expert) 01 March 2014
There is nothing wrong in a lawyer becoming proprietor of a law firm, it is not required to open only current account, it can be an ordinary savings bank account also.

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