Global Law Company (GLC) provides comprehensive assistance in the registration process of Partnership Firms in Pakistan. The registration is conducted under the provisions of the Partnership Act of 1932. Here is a detailed guide to the registration process offered by GLC:

ESSENTIAL ELEMENTS OF A PARTNERSHIP FIRM:

1. Agreement/Contract of Partnership:

A written agreement, known as the Partnership Deed, outlines the terms and conditions governing the partnership.

1. Limited Contribution of 20 Partners:

The partnership firm can have a maximum of 20 partners.

1. Nature of Business:

Clearly define the nature of the business in which the partnership is engaged.

1. Sharing of Profits and Losses:

Specify the agreed-upon percentage of profit and loss sharing among the partners.

1. Mutual Activity in the Partnership:

Partners must engage in mutual activities to achieve the objectives of the partnership.

BENEFITS OF REGISTERING A PARTNERSHIP FIRM:

• Easy Formation:

Partnership firms are relatively easy to form.

• Flexibility in Operations:

Partnerships offer flexibility in business operations.

• Risk Sharing:

Partners share the risk of losses.

• Access to Loan Facilities:

Registered firms have better access to loan facilities.

• Easy Dissolution:

Dissolution of a partnership is relatively straightforward if needed.

DOCUMENTS REQUIRED FOR PARTNERSHIP FIRM REGISTRATION:

1. Form-I
2. Copy of National Identity Card of Each Partner: Including full name, father or husband’s name, and residential address.
3. Partnership Deed on a Stamp Paper of Rs. 1000/-
4. Proof of Business Location’s Address: Usually utility bills.
5. Rent Deed or Ownership Document: If business premises are rented.
6. Original Deposit Slip of Partnership Deed Fee: Deposited in the National Bank of Pakistan.
7. Signatures of All Partners on the Partnership Deed: Along with two witnesses.

REGISTRATION PROCESS:

1. Name Selection:

Choose a name for the partnership firm, ensuring it complies with regulations.

1. Drafting of Partnership Deed:

Draft a comprehensive partnership deed specifying business details and profit-sharing ratios.

1. Submission of Documents:

Submit required documents to the Firm Registrar in the area where the office is situated.

1. Payment of Registration Fee:

Pay the registration fee at the National Bank of Pakistan and attach the challan form to the application.

1. Commencement of Business:

Start the partnership firm’s business activities and apply for the National Tax Number (NTN) from the Federal Board of Revenue (FBR).

EXIT OF A PARTNER:

• If a partner wishes to leave, an amended partnership deed is prepared.
• The outgoing partner advertises their departure in a newspaper.
• The outgoing partner must appear in front of the registrar, sign the requisite form, and complete the necessary procedures.

GLC guides and assists individuals throughout the partnership firm registration process. Ensures compliance with all relevant laws and regulations. Professional expertise in handling partnership registration matters. For personalized guidance and the most up-to-date information, individuals are advised to consult directly with Global Law Company.

Feel free to reach out to Global Law Company for further assistance or to schedule a consultation.