Partnership is a popular form of business ownership in Azad Kashmir and Pakistan. It is a type of business structure where two or more people come together to run a business, share profits, and losses. Registering a partnership firm is mandatory in Pakistan and Azad Kashmir. In this article, we will provide you with a step-by-step guide on how to register a partnership in both regions.
Introduction
Partnership is a type of business structure where two or more people come together to run a business. Partnership firms are governed by the Partnership Act 1932 in Pakistan and Azad Jammu and Kashmir (AJK). In Pakistan and AJK, it is mandatory to register a partnership firm before starting any business operations.
In this article, we will guide you on how to register a partnership firm in Azad Kashmir and Pakistan.
Requirements for Partnership Registration in Azad Kashmir and Pakistan
Registering a partnership firm is an important step towards starting a business with your partners. To register your partnership firm in Pakistan, you need to submit the necessary documents to the office of the Registrar of Firms in your City/District. Here are the documents you need to submit:
Document | Details |
|---|---|
| 🟢 Written Partnership deed on a Rs. 1,000 stamp paper | ➡️ This document should be prepared by a lawyer. If you need assistance with this, we can provide help. |
| 🟢 Filled form | ➡️ You need to fill a form provided by the Registrar of Firms. |
| 🟢 Bank challan | ➡️ You need to submit a bank challan along with your application. |
| 🟢 Rent agreement for office in a commercial area along with proof | ➡️ You need to submit a rent agreement or property ownership papers for the office where you will operate your business. |
| 🟢 CNICs of all partners along with CNIC of all witnesses | ➡️ You need to provide the CNICs of all partners as well as the CNIC of the two witnesses. |
| 🟢 Affidavit regarding accuracy of submitted papers | ➡️ You need to provide an affidavit stating that all the documents submitted are accurate. |
| 🟢 Copy of all the above documents duly notarized | ➡️ All the above documents need to be notarized by a notary public. |
| 🟢 Physical presence of partners and witnesses | ➡️ The partners along with the witnesses need to be physically present in front of the Registrar of Firms. |
| 🟢 Certificate from the office of the Registrar of Firms | ➡️ After a week, you will receive a certificate from the office of the Registrar of Firms confirming the registration of your partnership firm. |
| 🟢 Set up NTN and bank account | ➡️ Once your partnership is registered, the next step is to set up a National Tax Number (NTN) and a bank account in the name of your partnership. |
Make sure to follow all the above steps carefully to ensure a smooth registration process for your partnership firm. It is important to note that all partners must be present during the registration process.
Documents Required |
|---|
| ✔️ Proposed name of your firm |
| ✔️ Nature and scope of business |
| ✔️ Full name and color CNIC copies of partners |
| ✔️ Full name and color CNIC copies of witnesses (two witnesses) |
| ✔️ Investment amount by each partner (in Rupees) |
| ✔️ Electricity bill (commercial meter) |
| ✔️ Partnership Deed on Rs. 1,000 non-judicial stamp paper (drafted by us) |
| ✔️ Rent agreement of office (in commercial area) |
| ✔️ Residential addresses of all partners |
| ✔️ Physical presence of partners and witnesses in front of Registrar |
Business Name
The first requirement for partnership registration is the selection of a business name. The business name should not be similar to any other registered company or firm. You can check the availability of the name on the Securities and Exchange Commission of Pakistan (SECP) website.
Partners Details
The next requirement is to provide the details of all partners, including their full name, address, phone number, and CNIC number.
Partnership Deed
A partnership deed is a legal document that outlines the terms and conditions of the partnership. The deed should include the following:
- The name and address of the partnership firm
- The nature of the business
- The name and details of partners
- The amount of capital contributed by each partner
- The profit and loss sharing ratio
- The responsibilities and duties of each partner
- The procedure for adding or removing partners
- The procedure for dissolving the partnership
National Tax Number (NTN)
Every partnership firm is required to obtain a National Tax Number (NTN) from the Federal Board of Revenue (FBR). You can apply for an NTN online or visit the nearest tax facilitation center.
Sales Tax Registration Number (STRN)
If your partnership firm is engaged in the sale of goods or services, you need to obtain a Sales Tax Registration Number (STRN) from the Federal Board of Revenue (FBR). You can apply for an STRN online or visit the nearest tax facilitation center.
Procedure for Partnership Registration in Azad Kashmir and Pakistan
Once you have fulfilled all the requirements, you can start the registration process. Here is a step-by-step guide for partnership registration in Azad Kashmir and Pakistan.
Selection of Business Name
The first step is to select a business name. You can check the availability of the name on the SECP website. Once you have selected a unique business name, you can reserve it online for a period of 60 days by paying a fee.
Drafting of Partnership Deed
The next step is to draft the partnership deed. You can hire a lawyer to help you with the drafting process. The deed should include all the necessary information such as the name and details of partners, the capital contributed by each partner, the profit and loss sharing ratio, and the responsibilities and duties of each partner.
Notarization of Partnership Deed
Once the partnership deed is drafted, it should be notarized by a notary public. The notary public will verify the identity of all partners and attest the partnership deed.
Obtain National Tax Number (NTN)
The next step is to obtain a National Tax Number (NTN) from the Federal Board of Revenue (FBR). You can apply for an NTN online or visit the nearest tax facilitation center. You will need to provide the details of all partners and a copy of the partnership deed.
Obtain Sales Tax Registration Number (STRN)
If your partnership firm is engaged in the sale of goods or services, you need to obtain a Sales Tax Registration Number (STRN) from the Federal Board of Revenue (FBR). You can apply for an STRN online or visit the nearest tax facilitation center. You will need to provide the details of all partners and a copy of the partnership deed.
Registration with the Registrar of Firms
The final step is to register the partnership with the Registrar of Firms. You will need to submit the partnership deed, along with the application form and the prescribed fee, to the Registrar of Firms. Once the partnership is registered, you will receive a certificate of registration.
Conclusion
In conclusion, partnership registration is mandatory in Azad Kashmir and Pakistan. To register a partnership, you need to fulfill certain requirements such as selecting a unique business name, drafting a partnership deed, obtaining a National Tax Number (NTN), obtaining a Sales Tax Registration Number (STRN), and registering the partnership with the Registrar of Firms. By following the step-by-step guide provided in this article, you can easily register your partnership firm in Azad Kashmir and Pakistan.
What is a partnership firm?
A partnership firm is a type of business structure where two or more people come together to run a business, share profits, and losses.
Is partnership registration mandatory in Azad Kashmir and Pakistan?
Yes, partnership registration is mandatory in Azad Kashmir and Pakistan.
What are the requirements for partnership registration in Azad Kashmir and Pakistan?
The requirements for partnership registration in Azad Kashmir and Pakistan include selecting a unique business name, providing the details of all partners, drafting a partnership deed, obtaining a National Tax Number (NTN), obtaining a Sales Tax Registration Number (STRN), and registering the partnership with the Registrar of Firms.
Can I register a partnership firm online in Azad Kashmir and Pakistan?
Yes, you can register a partnership firm online in Azad Kashmir and Pakistan.
How long does it take to register a partnership firm in Azad Kashmir and Pakistan?
The registration process usually takes around 1-2 weeks. However, it may take longer if there are any discrepancies or errors in the documents submitted.