You can opt to register a Partnership Firm or Business in Pakistan. The partnership is provisioned and regulated under the Partnership Act, 1932. Owners of the Partnership Firm or Business are usually referred to as Partners. Minimum 2 partners are required to operate, manage and run the affairs of Partnership Firm or Business. A partnership Firm or Business is usually recommended for persons who, for a specific purpose, object and period, are desirous to establish an entity. Consequent to the purpose or object having being achieved or the period for which the entity is required to be established is meted out, can eventually dissolve the same.
Process of Partnership Firm Registration requires to execute a Partnership Agreement, wherein terms and conditions of Partnership including amongst others; term, scope; object; shares of respective partners; mode and time for sharing of profit, etc. is expressly chalked out. Just like every other agreement partners expressly reduce into writing their rights and obligations against the other partners.
Process of Partnership Firm Registration requires an application to be submitted to the respective District Registrar Firms in whose jurisdiction the Partnership Firm is being established. Process of Partnership Firm Registration requires for submission of the following documents:
- Partnership deed executed on non-judicial stamp worth Rs. 1,000/- (name of Partnership Firm and Address must be mentioned along with all rights and obligations of the parties against each other and any third parties) attested by at least 2 witnesses as prescribed under the law.
- Filled Form-I
- Bank challan of the prescribed Registration fee
- CNIC copies of all partners along with CNIC of all witnesses.
- Copy of all the above documents duly notarized by a notary public.
- Partners may have to physically appear before the Registrar Firms if required by him.
Registrar Firm process the application within 7 days after the application along with foregoing documents for Partnership Firm Registration is filed with Registrar Firms.
We at DRSLF assist our valued clients in the process of Partnership Firm Registration before the Registrar Firms. We understand the concern of our valued clients and draft the partnership agreement to cover all the affairs of the partnership business and to secure the interest of our client in the venture to avoid any stringent disputes in the future that may subsequently arise between the partners of the partnership firm. We on the behest and sake of our client negotiate the terms and conditions of the partnership with the other partners.
Documents we require:
- Proposed name of your firm
- Nature and scope of business
- Full name and CNIC copies of partners
- Full name and CNIC copies of witnesses
- Investment amount by each partner
- Partnership Deed on non-judicial stamp paper worth Rs. 1,000/-
- Office address of the Partnership Firm
You can contact us in case if you have any queries or questions regarding the process of partnership firm registration or if you are desirous to secure your interest in the partnership business.