Can a working person be a partner?

Finance professional

 

I want to know can a full time working person be enrolled as a partner of a CA firm. In other words if a full time working person is enrolled as a partner, does he fall into the definition of a sleeping partner? If yes, How this fact will be drafted in the partnership deed?

 

Sourav

 
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adviser

You have not indicated the concern / organisation where you are working at present.. If u r working in Govt. / semi-govt.organisation, you can not do so, as the rules does not permit.. in case u r working in a private concern, it depends how much time u can devote for the purpose.... u may or may not classify yrself as sleeping partner.. it depends upon u.. a mention can be made in the deed regarding the areas u will look after and the percentage of share / profit u hold and share in the firm....

 
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Finance professional

To put it simply, two brothers intend to form a partnership CA firm. But one of them is engaged in full time service in a pvt concern. As far as his contribution is concerned to the cause of the firm, obviously he will be actively taking part in decision making, knowledge contribution and in any other way possible. Tje only thing is that he wont be able to attend the office of the firm and will be working in off hours or in some other way.

Thats the picture. If you are aware of any provisions/rules/ circular in this regard, pls mention that also.

 

Sourav

 
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