When two or more than two persons runs a business is known as a partnership firm. So here I have wrote this article to share the important information of partnership firm registration procedure in Pakistan. So if you are also running your business within a partnership then I would like to suggest you that you must register your business with Federal Board of Revenue (FBR) for getting your Business’ National Taxation Number (NTN Number). Well you are informed that registration of a partnership business is not so necessary by the law but it is better for the partners if they do so. There are various reasons and deeds that cause to be register a partnership because with the passage of time different types of situations occur where if one partner is accepted then the other partner has conflicts with that situation. So in order to stay safe from any type of miss behave form any partner the FBR Govt of Pakistan has amended some authentic rules and regulation that helps partners to manage their partnership business on the smooth and trust worthy ways. Even if you are two brothers, or sisters or sister brothers or any relatives you must be registered your partnership firm.
Numbers of Partners
Minimum 2 and maximum 20 partners can register their partnership firm legally
Types of Partnerships
There are three types of partner ships
- Ordinary Partnership
In this partnership each and every partner is equally involved in all the activities of business such as anyone can present his money or anything for the purpose of investment but the liabilities are equalities divided in all the partners and the profit and loss is also divided simultaneously…
- Limited Partnership
When partners are limited in their liabilities and duties then it is known as the limited partnership. In this partnership any partner can dissolve his position without any issue by the others. In this conditions the profit and loss is also limited as per the investment and liabilities.
- At-Will Partnership
This is the best partnership policy because it contained on both the above types of partnership. It is because in this partnership policy one can invest on his will, can took up liabilities as per his or her expertise and pocket. The profit is divided according to his investment and his works. In case of death or dissolution of a partner the profit will be delivered in to his family account until the firm in running…
Partnership Firm Registration Procedure in Pakistan
When all the partners are agreed to follow a specified business plan then the partners are now allowed by the FBR to come for registration. So for registering a partnership firm, minimum 2 partners have to come at the registrar office of the firms located in that area along with the following documents
- A white page written complete names of all the partner’s as per written in the CNIC, father name, husband name as well as residential address and occupation
- CNIC photo copies of all the partners
- Partnership deed or partnership agreements clearly written on a stamp paper in points form along with the signature of all the partners also with thumb print
- Utility bills like WAPDA or Water Bill to insure the address of the partnership firm
- If the address of partnership firm is placed on rent then rent deed with the property owner agreement rented for limited time period or unlimited time period must be attached
- Deposit the partnership fee in the National Bank of Pakistan (NBP) an bring the copy of original deposit slip
- National Taxation Number NTN issued by the Federal Board of Revenue (FBR) You can get NTN number online by the following link given
- Bank Account On the Name of Partnership Firm
- Well maintained record of accounts of business on a special balance sheet
- Income tax payment receipt
So this is all about partnership firm registration procedure in Pakistan. I am hoping that you are all now fully aware with the registration of partnership business in Pakistan. But in case you have any confusion about this process you can ask your query through the comment section below or you can also suggest us your experience about partnership business via comment box.