In Pakistan, a partnership firm is a business structure where two or more individuals come together to run a business. It’s a popular choice for small and medium-sized enterprises. Partnership in Pakistan is regulated under the Partnership Act, 1932 and the owners of the Partnership Firm are usually referred to as Partners. Minimum of 2 partners are required to operate, manage and run the affairs of Partnership Firm. Partnership Firm or Association of Persons is usually recommended for persons who for a specific purpose, object and period are desirous to establish an entity.
Partnership Firm Registration requires an application to be submitted to the concerned Registrar of Firms in whose jurisdiction the Partnership Firm is being established. Registration of Partnership Firm requires following documents:
We would recommend you file this firm registration process after consultation with our lawyer as it involves financial as well as legal obligations so there exists higher risk of loss and responsibilities.
The step-by-step process of registering a partnership firm in Pakistan involves the following steps:
Select a unique name for your partnership firm that is not already registered by another business. A unique name would maintain its own brand identity.
Draft a partnership deed on a non-judicial stamp paper that outlines the terms and conditions of the partnership, business address and details of the business, including the names and addresses of partners, their capital contributions, profit-sharing ratios, rights and responsibilities of the partners, management of the business, and all other relevant details. Generally partnership deed would considered as a constitution of the business entity.
Obtain the prescribed application form for partnership registration from the office of Registrar of Firms and fill the form with consultation of our lawyer. Make sure all the information must be provided accurately and precisely.
Pay the required registration fees in the bank account of the Registrar of Firms as specified by the government.
Submit the completed application form along with the partnership deed and all other required documents which are listed above.
The Registrar of Firms will verify the submitted documents and, if satisfied, issue a Certificate of Registration for the partnership firm.
Register your partnership firm with the Federal Board of Revenue (FBR) for tax purposes. This includes obtaining a National Tax Number (NTN) and Sales Tax Registration Number (STRN), if applicable.
Once you have the certificate of registration and Tax Certificate, you can open a business bank account in the name of your partnership. After opening an account, the bank will issue an Account Maintenance Certificate. Opening a bank account is mandatory as business capital amount mentioned in the partnership deed is to be deposited and all the financial transactions of the business shall be done through business bank account.
A dissolution of a partnership means ending or dissolving the partnership between the partners. It occurs when the partners decide to no longer continue working together or when certain events specified in the partnership agreement take place. Dissolution can happen due to various reasons like retirement, death of a partner, bankruptcy, or mutual agreement. Once the partnership is dissolved, the partners settle the remaining business affairs, including the distribution of assets, payment of debts, and closing any ongoing operations.
The step-by-step process of dissolving a partnership firm in Pakistan;
There are several modes of dissolution for a partnership firm and some of them are listed below:
When a partnership firm is dissolved, there are following consequences that may occur;
Following are the features of a partnership firm;
Here are some benefits and advantages of a partnership firm:
Here are some main disadvantages of a partnership firm:
The Case Lawyer is a full-service law firm that is being driven by the expert lawyers of multiple domains such as Family & Personal Laws, Property & Revenue Laws, Financial Law, Corporate and Tax Laws, Information Technology Laws, International Laws, Offshore Business Laws, and obviously Immigration Laws of different countries.
The Case Lawyer is popular among the overseas community due to its transparent mechanism as well as cost-efficiency. Firmâs majority clients are non-resident Pakistanis which are satisfy with the legal services provided by the firm and definitely dispute resolution for overseas Pakistanis.
We have customized legal and litigation support for overseas Pakistanis as no other law firm in Pakistan is able to offer customized legal support. We have break down the entire process as follows;
We are virtually available 24/7 for your live legal support where you can discuss your concerns with our expert lawyers of multiple domains. You need to call on our business number and confirm appointment which is free of cost for initial consultation for 15 minutes but due to shortage of time and number of queries you need to pay 5000/- for subsequent consultation for next 30 minutes discussion with our lawyer.
We are serving our expatriates Pakistanis who are residing everywhere in the world from Australia, New Zealand, United Kingdom, Europe, United States, Canada, KSA, UAE, Qatar, Turkey, and other countries. We have redressed the grievance of hundreds of overseas clients who are satisfied with our extra-ordinary services and prompt responses.
Transparency in legal services for overseas Pakistanis is core concern which also is our main consideration. As most of the overseas Pakistani while residing abroad do not know what proceedings are being conducted in the court by their lawyers in Pakistan and this causes lack of trust and mis-information. We keep our overseas clients up to date regarding their case and clients are being informed through electronic mail and WhatsApp. We also share with them court orders which able them to understand what proceedings are being conducted by our lawyers.
We prefer reputation over money and this aspect makes us well reputed organization. Our communication with the clients is privileged in accordance with the legal ethics so we you must believe that we provide you an honest solution and our conversation with you is protected.
We prepare invoice after case analysis which clearly reflects documentation & filing expenses including court fee, lawyerâs professional fee, clerical expenses and other miscellaneous expenses which may incur time to time. This mechanism eliminates hidden cost which protects our clientâs monetary concerns.
Furthermore, for convenience of Pakistani Expats we also have an option of installment plans but this varies upon case to case.
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