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Accounting Profession- Chartered Accountant (CA), Certified Public Accountant (CPA)

Qualified Chartered Accountants and Certified Public Accountants can practice in various fields like accounting, taxation, statutory compliances etc either individually or by making a Partnership firm of professionals in the similar field. An accountant is responsible for monitoring and recording the flow of money through an agency, business or organization. The accountant also verifies the accuracy of all monetary and cash transactions and makes sure that all transactions are legal and are following current local, state and federal guidelines. The accountant may work directly for the company or business or may work privately and just be contracted or hired to complete books or tax returns for the agency. Some accountants may work directly for private individuals to help with tax returns, financial decisions, investments or other money related matters.

 

 



Accountants are formally trained and usually are chartered or certified accountants, enrolled or public accountants, or hold some other designation that indicates that they have met all training requirements as an accountant. Some accountants specialize in business or personal finance, tax preparation, estate planning or even investments or money markets. Accountants may use a variety of computer programs and different types of software to keep ledgers and to prepare the different types of forms and financial statements. Tax accountants may also be able to electronically file tax returns and to set up payment plans through customer accounts with the various taxation departments. The following forms of business may be used for accounting firm.

Proprietorship

Partnership


Proprietorship

A Proprietorship can be started by qualified single person with the following facilities:

Office

Rented or own office

Staff

Facilities

Telephone, Fax, Computer, Printer & Internet connection

Opening of Bank Account

In India, Bank Account of a Proprietorship can be opened by giving the following documents:

  1. ID Proof of Proprietor
  2. Address Proof of Proprietor
  3. Photograph of Proprietor
  4. Copy of PAN Card of Proprietor
  5. Copy of Service Tax Registration Certificate or any other relevant document.

But in other countries, documentation procedure will be different according to the law of land.

 

 

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Partnership

A Partnership can be made by two or more qualified persons by creating partnership agreement.

Registration of Partnership Deed

In India, it is not compulsory to Register a Partnership deed. But an un registered partnership have some disadvantages in the eye of law. So it is better to register the deed with the Registrar. A Registered partnership firm has all the right to sue in a court of law in India. But in other countries there may be differences in rule.

Office

Rented or own office

Staff

Facilities

Telephones, Fax, Computers, Printer & Internet connection

 

 

 

Opening of Bank Account

In India, Bank Account of a Partnership firm can be opened by giving the following documents:

  1. ID Proof of Partners
  2. Address Proof of Partners
  3. Photograph of Signatories
  4. Copy of PAN Card of Partnership Firm
  5. Copy of Partnership Deed
  6. Address Proof of Partnership firm
  7. Any other document which may be asked by the bank

Advertisement

Advertisement for some professions is banned in some countries. So decision for advertisement should be taken by honoring the law of land.

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