Partnership Firm Registration with sidekick.pk

Are you looking to register your partnership firm? Here you have it: simple setup, minimal expenses, painless processing, quick updates, and more. To get started, pay only Rs. 5,000*/- now, and the remaining later when processing begins.

*Govt. and affiliate fees vary from Province to Cities

Register Your Partnership Firm Online with Sidekick.pk

One of the easiest ways to start a business with someone is to establish a general partnership firm. We help you with your general partnership registration in Pakistan in the following ways.

Gathering Details
We study your business requirements

step # 01

Drafting
We prepare the first draft and share with you within 4 working days.

step # 02

Placing an Emphasis on Perfection
We do up to two rounds of iterations, if necessary, at no extra cost.

step # 03

Overview

A general partnership is a corporate structure in which two or more people manage and operate a company in accordance with the partnership deed's provisions and objectives. This structure is thought to have lost its relevance since the introduction of the limited liability partnership (LLP) because the partners in a general partnership firm have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up, and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for general partnerships. Contact our Sidekick’s experts now to know the recent partnership deed format.


Timeframe

The partnership firm registration process takes about 10 to 12 working days, depending on departmental approval and reverts from each department.

Name of Partnership Firm

Any name can be given to a partnership firm as long as you fulfil the following conditions:

    The name shouldn't be too similar or identical to another            company in the same industry

    It also shouldn't contain words like emperor, crown, empress, empire, or any other phrases that imply official authorization or permission.

Checklists

Checklist for Partnership Firm Registration

Two or more partners can form a firm in line with the provisions of Partnership Act, 1932 for starting a business in Pakistan. In order to register a firm, here is the step-by-step process: 

Step-by-Step Process

    Complete your documents as mentioned in the below section
    Download the application form (Form-I) and fill it properly
    Prepare a Partnership Deed on a Stamp Paper of Rs. 1000/-
    Submit registration fee i.e. Rs. 1000/- in the National Bank of Pakistan (NBP) through a Challan Form under the Head of Account: C-03545
    Prepare an affidavit regarding accuracy of papers and existence of office on a stamp paper of Rs. 5/-
    Visit Citizen Facilitation Center, Mauve Area, G-11/4, Islamabad to submit your application along with documents
    After documents submission, a date and time will be provided for physical appearance of all the Partners / Witnesses along-with their original valid CNIC before the Registrar of Firms.

    The partners should contact this office after ten days of submission of papers to collect their certificate

Documents Required?

Document’s Required For AOP Registration in Pakistan

    Form-I
    Partnership Deed on a Stamp Paper of Rs. 1000/-
    Receipt regarding submission of Registration Fee in NBP
    Affidavit on a Stamp Paper of Rs. 5/-
    Copy of lease agreement / ownership of the office address alongside a copy of a utility bill (Office of the Firm should be in Commercial Area)
    Copy of Computerized valid N.I.C of all the Partners and Witnesses.

Note: All the papers should be attested from Notary Public

Information Box

Dealing Authority:
Director (Labor & Industries)

Relevant Law(s):
Partnership Act, 1932

Address:
Citizen Facilitation Center, Mauve Area, G-11/4, Islamabad

Timings:
Monday – Thursday
09 AM – 01 PM

Friday
09 AM – 12 PM

Processing Fee:
Rs/- 1000 to be deposited in NBP

Processing Time
07 Days

Benefits

Benefits of Partnership Firm Registration in Pakistan

Minimum Compliance

For general partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or is still unregistered, annual accounts filing with the registrar is not necessary either. Annual compliances are also lower when compared to an LLP.

Simple To Begin

A general partnership can be formed within 4-7 business days, with an unregistered deed of partnership. However, registering for the event offers its own set of benefits.

Comparatively Economical

A general partnership is substantially less expensive to start than an LLP. It will still be cost effective in the long term because the compliance needs are minor.

How to Register

How to Register Partnership Firm in Pakistan?

A step-by-step guide on registering Partnership Firms in Pakistan.

A partnership (also known as a Firm / Form C) is a business structure that works just like a sole proprietorship, but with several individuals running it. The general partners share the profits and / or losses depending on their agreement. They share control and liability for business operations. Partnership taxes are paid by the general partners on their personal tax returns, in proportion to their share of ownership as per their agreement. Partnerships require partnership agreement on a legal stamp paper that clarifies the relationship between the partners, their roles and responsibilities, and their shares in the profits or losses of the partnership. There is unlimited liability in this type of business. If one partner is sued, all partners are held liable. Another disadvantage is that the decision making is shared among the partners and hence no one individual has control. A partnership is different from sole proprietorships and limited companies.

In order to register a partnership all, you need to do is submit the following documents to the office of the Registrar of Firms in your City/District:

(1) Written Partnership deed on a Rs. 1,000 stamp paper (should be prepared by a lawyer--we can do this for you).

(2) Filled form.

(3) Bank challan.

(4) Rent agreement for office in a commercial area along with proof (rent agreement or property ownership papers).

(5) CNICs of all partners along with CNIC of all witnesses. There should be one witness per partner.

(6) Affidavit regarding accuracy of submitted papers

(7) Copy of all the above documents duly notarized by a notary public.

(8) The partners along with witnesses will have to physically present themselves in front of the Registrar of Firms.

(9) After a week, you will receive a certificate from the office of the Registrar of Firms. Congratulations! The partnership firm has been registered.

(10) Next step is to setup a bank account in the name of your newly formed partnership followed by registering for an NTN and GST Number (Tax).

Why Sidekick

Why Sidekick  used for AOP Registrations

    Sidekick can help you start a partnership firm from start to finish
    We are capable of advising and serving you, even as your company grows and expands
    You can reach us at any time. You can contact us via text, WhatsApp, email, or phone
    We place a great value on ethical business operations

    We believe that flexibility leads to greatness, so we customize all of our services to each client's individual needs.

FAQs

A partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a partnership deed that may or may not be registered.

The partners in a partnership firm are the owners, and thus are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners.

A partnership must have at least two partners. A partnership firm in the banking business can have up to 10 partners, while those engaged in any other business can have 20 partners. These partners can divide profits and losses equally or unequally.

The registration of a partnership firm in Pakistan can take up to 10 to 12 working days. However, the time taken to issue a certificate of incorporation may vary as per the regulations of the concerned state. The registration of a partnership firm is subject to government processing time which varies for each state.

Minimum of 2 persons and maximum of 20 is required for the formation of a partnership firm.

The individuals who are residing in India can only become partners or members in a partnership firm. Foreign individuals who want to form their business in Pakistan can choose private limited companies.

There is no minimum capital requirement for the registration of a partnership firm in Pakistan.

Every partner is jointly and severally accountable for any acts/activities of the firm committed throughout the course of business while he or she is a partner. This means that if a third party is injured or a penalty is imposed during business, all partners will be held accountable, even if one of the partners caused the injury or loss.

Sidekick Customer

Sidekick Partners