Previously, we wrote about the Company Registration process in Pakistan. Following that, we now let you explore the vista of ‘ Partnership Firm Registration process in Pakistan ’. As always, there are a few business jargon that you may need to have a clear understanding on, before we embark onto registration procedures. To help you out, we’ve briefed few terms along with.
Partnership as stated in the Partnership Act 1932, defines it in the following terms:
“the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.” Minimum two and maximum twenty persons in any partnership business mutually decide to run a business collectively where they
Three types of Partnerships:
Procedures involved in registration of Partnerships:
Partnership registration is not compulsory by any law but it is better to do so if individuals have agreed to work jointly. A partnership may be registered with the Registrar of Firms of an area where the office of the firm is located or proposed to be situated. In order to register business as partnership minimum two persons and following information is required:
Requirements:
Additional Requirements:
Partnership deed: in other words, a partnership agreement is a document signed by all partners which consists of mutual rights, obligations, regulations and conditions concerning the internal management of partnership organization.
Dissolution deed: occurs when firm is dissolved by mutual consent of partners. A deed of dissolution is required and need to be registered. It should clearly mention debts and liabilities. The dissolution deed provides the valuation of assets including goodwill and distribution of same amongst the partners.
So, now you’ve got the know-how of partnership registration process in Pakistan. If you’re looking for information on any subject or area, let us know in the comments section below. We’ll sure come up with some more helpful guides.
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