If you want to walk fast, walk alone. But if you want to walk far, walk together. – Ratan Tata
Let us first go through this data published Professional Development Committee ICAI February-2019 edition, where almost 70% CA practicing as a Proprietorship firm and around only 3% partnership firm having more than 6 partners.
There are numerous benefits of Partnership Firm for Professionals:-
Ease for Clients:-
Now a days Time is money, nobody has time to deal with so many Professionals and hence client prefers one stop solution for his all problems. Therefore a multidisciplinary firm is best format to grow fast where client can get one window solution for his majority of work.
Synergy Benefits: –
Mandatory for Certain Audits:-
While Approaching for Bank Audits and Audits of PSUs their mandatory requirement includes minimum years of experience and minimum number of partners therefore if you are not a Partnership Firm even you are not eligible to empanel yourself.
As a person you can not sell your self but instead you can sell Brand name of Your Firm. If at sometime if you want to retire you can sell your share and encash your goodwill as well.
All These benefits also come with a few problems as following:-