Mohan, a practicing Chartered Accountant (PCA), Soham, a practicing Company Secretary (PCS), Rakhi, a Cost and Management Accountant (CMA) and Sandiya, an Advocate are friends. They want to incorporate a LLP in the name

Validity: According to Regulation 165A of the Company Secretaries Regulations, 1982 inserted by the Company Secretaries (Amendment) Regulations, 2020 a member in practice of ICSI may form multi-disciplinary firm with the member/s of other professional bodies as prescribed under regulations 168A and 168B of the Company Secretaries Regulations, 1982, in accordance with the regulating guidelines of the Council for functioning and regulation of such multidisciplinary firm. Advocate can be the members of MDF. He is on par with other practicing professionals like CA, CS and CMA as the member of Bar Council has been recognized as an eligible professional by the ICSI. Hence, Shyam will be advised that the MDF comprising PCA, PCS, CMA and Advocate can be validly formed and function. Pre-requisites: MDF is a joint or collaborative venture amongst independent individuals. Therefore, everyone wishing to join hands should understand that: All minds should work together and in unison. Say goes to ego. Mutual faith and respect lay strong foundation. Unanimity shall be the rule on important policy decisions. Financial discipline is a must. Founder partners shall be given equal status. Income of the firm shall be distributed at short regular intervals. One shall not put undue influence on the others or show that he is king pin of the association. Even the small crack in the above stated prerequisites ruin the things.