A partnership firm is a business structure where two or more individuals (the "partners") agree to manage and operate a business together to earn and share profits. Unlike a corporation, it is generally not a separate legal entity from its owners, meaning the partners are personally responsible for the business's actions and debts.

Partnership Firm Registration

A Partnership Firm formed under Partnership Act 1932 in Lahore under which two or more people join together to commence a business to share profit and loss. Profit and loss are divided based on written Agreement signed between the Partners, which known as Partnership Deed.

Essential Elements of Partnership Firm

• Agreement/ Contract of Partnership

• Limited contribution of 20 Partners

• Nature of business

• Sharing of profits and loss

• Mutual activity in a partnership

Benefits of Partnership Firm

1. Easy Formation

2. Flexibility in Operations

3. Sharing Risk of Losses

4. Loan Facility

5. Easy to Dissolve

List of Document Required for Partnership Firm Registration

1. Form-I

2. Each partner’s– Full Name, Father or Husband’s Name, Residential Address, and copy of the National Identity Cards of each partner.

3. Partnership deed on stamp paper of Rs. 1000/-. A Partnership Deed is the document details of Partner’s rights and obligations participating in this Business.

4. Proof of the address of the business location, usually utility bills

5. If the business location has taken on, then the rent deed/Ownership document is required.

6. Original Deposit Slip of Partnership Deed Fee Deposited in National Bank of Pakistan.

7. Signature of all the partners on Partnership Deed along with two witnesses

Need more information? Contact us on WhatsApp.