Constitution / Reconstitution of Partnership Firm of Cost Accountants:-
Only the members of the Institute i.e. AICAI or FICAI who have obtained Certifi cate of Practice
and are engaged in full time practice are entitled to constitute/reconstitute a partnership fi rm of
Cost Accountants. For this purpose, the following procedure have to be followed and the related
conditions have to be complied with :-
1. Application has to be made to the Council in Form L, which should be duly fi lled in and
signed by all the partners, indicating the name and membership no. against each signature.
2. The application should be accompanied by a copy of Deed of Partnership duly executed on a
non-judicial stamp paper by all the partners and attested by at least two witnesses indicating
their full names and addresses. The date of execution of the Deed and submission of Form L
should pertain to a date on or after the date of purchase of the non-judicial stamp paper.
3. A declaration in the Deed of Partnership is required from all the partners that they are
fully engaged in the practice of profession of Cost Accountancy and engaged in no other
occupation.
4. The name of the partnership fi rm to be indicated in sl. no. 1 of Form L and Deed of Partnership
should be in accordance with the provisions of Regulation 108 of the Cost and Works
Accountants Regulations, 1959. Such a fi rm’s name should have the suffi x “& Associates” or
“& Co.”
5. Prior to the approval of the Council, the use of any stamp/visiting card/letterhead or the like
in any fi rm name is strictly prohibited.
6. When a partnership fi rm is reconstituted on account of admission, retirement, death of partners
or change of terms and conditions, etc., a fresh Deed of Partnership has to be duly executed
by the existing partners, and copy of such Deed along with Form L has to be submitted to the
Council for Reconstitution of the partnership firm.
7. When a partnership fi rm is dissolved, a copy of Deed of Dissolution of Partnership duly
executed by all the partners has to be submitted to the Council for its record.8. Whenever there is a change in the address of the Head Offi ce or Branch Offi ce of the partnership
fi rm, it is to be immediately intimated to the Council in Form L.
9. The Head Offi ce or any Branch Offi ce, if any, of the fi rm should be headed by a person who
is member of the Institute i.e. AICWA or FICWA.
10. No Constitution or Reconstitution of partnership fi rm is valid unless it is approved by the
Council of the ICWAI.
11. If the partner of a fi rm gets engaged in any salaried employment, he should immediately
retire from the partnership fi rm and intimate to the Institute immediately. Under such
circumstances, the remaining partners may reconstitute the fi rm by executing a fresh Deed of
Partnership and Form L.
Only the members of the Institute i.e. AICAI or FICAI who have obtained Certifi cate of Practice
and are engaged in full time practice are entitled to constitute/reconstitute a partnership fi rm of
Cost Accountants. For this purpose, the following procedure have to be followed and the related
conditions have to be complied with :-
1. Application has to be made to the Council in Form L, which should be duly fi lled in and
signed by all the partners, indicating the name and membership no. against each signature.
2. The application should be accompanied by a copy of Deed of Partnership duly executed on a
non-judicial stamp paper by all the partners and attested by at least two witnesses indicating
their full names and addresses. The date of execution of the Deed and submission of Form L
should pertain to a date on or after the date of purchase of the non-judicial stamp paper.
3. A declaration in the Deed of Partnership is required from all the partners that they are
fully engaged in the practice of profession of Cost Accountancy and engaged in no other
occupation.
4. The name of the partnership fi rm to be indicated in sl. no. 1 of Form L and Deed of Partnership
should be in accordance with the provisions of Regulation 108 of the Cost and Works
Accountants Regulations, 1959. Such a fi rm’s name should have the suffi x “& Associates” or
“& Co.”
5. Prior to the approval of the Council, the use of any stamp/visiting card/letterhead or the like
in any fi rm name is strictly prohibited.
6. When a partnership fi rm is reconstituted on account of admission, retirement, death of partners
or change of terms and conditions, etc., a fresh Deed of Partnership has to be duly executed
by the existing partners, and copy of such Deed along with Form L has to be submitted to the
Council for Reconstitution of the partnership firm.
7. When a partnership fi rm is dissolved, a copy of Deed of Dissolution of Partnership duly
executed by all the partners has to be submitted to the Council for its record.8. Whenever there is a change in the address of the Head Offi ce or Branch Offi ce of the partnership
fi rm, it is to be immediately intimated to the Council in Form L.
9. The Head Offi ce or any Branch Offi ce, if any, of the fi rm should be headed by a person who
is member of the Institute i.e. AICWA or FICWA.
10. No Constitution or Reconstitution of partnership fi rm is valid unless it is approved by the
Council of the ICWAI.
11. If the partner of a fi rm gets engaged in any salaried employment, he should immediately
retire from the partnership fi rm and intimate to the Institute immediately. Under such
circumstances, the remaining partners may reconstitute the fi rm by executing a fresh Deed of
Partnership and Form L.
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