PARTNERSHIP FIRM REGISTRATION IN KARACHI
Do you want to get registration for your firm in Karachi?
Then, you’re at the right place. Our firm helps you register your business with the government to protect it from infringement. We will meet your needs at every step of the process. We have worked with businesses just like yours for over 36 years, so you can count on us!
Let’s get started now! Submit your application now and let our experts handle the rest! Do you have any other requests? Applying is simple, simple, and affordable. Contact us today to get started!
However, it is a good idea to read some information regarding partnership firms before proceeding.
What is a Partnership Firm?
Entrepreneurs may not have access to a large amount of capital to begin their business. Therefore, it is common and more convenient to board another person. Individuals are not only able to solve the capital availability problem, but also can conduct business more efficiently with the expertise of those individuals.
A business partnership is a relationship between individuals to carry out business activities together. A minimum of two people and a maximum of twenty may be required in Pakistan. Partnerships are formed by providing money or capital to the business; this does not have to be equal. Based on the terms of their agreement, these parties are responsible for the business’s debts, and they also share profits and losses.
Individual partners can be regarded as associates of a firm. A partnership does not need to be registered by law, but it is advisable to do so. Written agreements specify the profits and losses sharing ratios and the terms and conditions of the partnership. Throughout Pakistan, all partnership rules are governed by the Partnership Act, 1932.
Firm Registration Law in Pakistan the Partnership Act 1932
Partnership as per the Partnership Act 1932, can be defined in the following terms:
“A partnership is a relationship between persons who have agreed to share the profits made by a business they are jointly engaged in or any person acting on their behalf. Partnership businesses are governed by a minimum of two and a maximum of twenty individuals who coordinate their efforts, pay taxes, divide roles, and share losses.” Because it is feasible for an indefinite period, it is the most advantageous. Partnerships at will don’t have to last for a specific period of time and can be dissolved at any time.
If the partnership is formed for a definite period of time and the firm continues to function after the expiry period.
If a partnership is formed to conduct a particular venture and continues to function after the accomplishment of the venture.
REQUIREMENTS TO REGISTER A PARTNERSHIP FIRM
Individuals must submit the following details containing documents to the Registrar of an area in which the business or its office is operating:
- The name of the firm should not have any restricted words;
- The principal place of business of the firm;
- The full names of all of the partners and their permanent addresses;
- Copy of the National Identity Cards of each partner;
- Proof of the address of the business partnership, like a electricity bills
- A rent deed is required if the address of the partnership business is rented
- An original receipt for the Partnership fee was deposited in the National Bank of Pakistan.
- A registrar or an authorized officer must witness the signatures of all partners in partnership/firm business.
- All the partners will sign the statement before submission. Once you have satisfied the registrar, the individuals have fulfilled that all registration requirements. Now, he will register the firm’s name in the ‘Register of Firms’ and file the statement.
LEGAL DOCUMENTS RELATED TO THE PARTNERSHIP FIRM
The partnership deed, or partnership agreement, is a document signed by all partners, which outlines mutual rights, obligations, regulations, and conditions for the management of the partnership.
In a partnership deed, and individuals must incorporate the following details in:
- Name of the Firm
- Nature of the Business to Be Conducted
- Location or Branches of the Business
- Details of Partners, Including Their Names and Addresses Along With Their CNIC Numbers
- Work Division and Responsibilities for Management
- The Firm’s Bank Account Operating Instructions
The Duration of the Partnership Should Be Stated; If There Is No Duration or Determination, It Will Be Called ‘Partnership At Will’
- The Profit And Loss Sharing Ratios
- The Maximum Amounts Allowed To Partners for Withdrawal
- Any Rules Concerning the Admission Of New, And Retirement of Existing Partners
- Any Dispute Provisions & The Method of Resolution
- The Method of Dissolution
If the partners do not want their partnership to dissolve or terminate on the death of a partner. It can be mentioned in the deed.
Our Corporate Lawyers will draft for you (on your request) a partnership deed as per your mutually settled terms and conditions.
DEED FOR DISSOLUTION OF PARTNERSHIP
Firms are dissolved by mutual consent when a dissolution deed is executed. Registration of the dissolution deed is required. Liabilities and debts should be listed clearly. According to the dissolution deed, the assets including goodwill are valued and distributed among the partners.
In accordance with your mutually agreed terms and conditions, our Corporate Lawyers will draft a Deed for Dissolution of Partnership for you.
DEED FOR CHANGES IN PARTNERSHIP
The terms and conditions of the firm and its partners can be changed by mutual agreement. Registration of the Deed for Changes in Partnership is required to be registered.
Our Corporate Lawyers can draft a Deed for Changes in Partnership for you, based on mutually agreed terms and conditions. This knowledge will enable you to register a Pakistani partnership business/firm. You can call us and let us know any further information if you require it.
How TAXOCRATE Can Help You ?
Our research and expertise have shown us that people are generally reluctant to deal with civil servants or deal with government institutions. In this case, TAXOCRATE comes in. We have multiple years of experience in the particularities and registration of a business and partnership.
Therefore, we register your business as a partnership with the Registrar. Also, we assist you in formulating the terms of your partnership agreement and advise you on all legal matters relating to the same.
Please call Mr. Zeeshan Inam, Director Corporate Registrations Ph: 0300-3029093 at TAXOCRATE (Pvt) Limited, Karachi, from 10-00 AM to 8-00 PM (PK Time) for the Partnership Firm Registration or for any other relevant information/work regarding Registrar of Partnership Firms, Karachi, Pakistan.