Becoming a partner
Congratulations on becoming a partner! This important step brings with it a number of additional responsibilities and this section is designed to help all new principals navigate their way, whether you are a partner in a partnership or LLP, or a director of a limited company.
New sole practitioners will benefit from our Starting up in practice guide which provides information and links to certificates, tools and procedures you need to run an effective practice.
What do you need to do next?
1. Apply for a Practising Certificate (PC)
As an ICAS member, the first thing a new Principal needs to do is apply for a Practising Certificate (PC). Any principals who are members of other bodies will need to check with their membership body whether they require a PC.
2. Obtain Professional Indemnity Insurance (PII)
Under the ICAS Public Practice Regulations, every Practising Certificate (PC) holder resident in the UK or Ireland must ensure that their firm has Professional Indemnity Insurance (PII) in place.
Professional indemnity insurance helps protect you if claims are brought against you by a client due to a problem with work you have done for them.
3. Annual requirements
Each year you will need to ensure that:
- Appropriate Continuing Professional Development (CPD) is undertaken and recorded.
- Your Practising Certificate is renewed via the member's Annual Return.