INTERPRETATION OF THE WORD "PARTNERSHIP" FOR THE PURPOSE OF CHARTERED ACCOUNTANTS ACT, 1949, COST AND WORKS ACCOUNTANTS ACT, 1959 AND COMPANY SECRETARIES ACT, 1980.

MCA has is clarified that the words “partnership” wherever occurring in the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980 shall mutatis mutandis be construed as including those Limited Liability Partnerships where all the other partners are natural persons(individuals). The word “partner” shall also be construed accordingly. This clarification applies only to these three Acts and not to any other enactment where the word “partnership’ occurs.