Partnership Firm / AOP Registration
Partnership Firm also known as the Association of Persons (AOP) is a type of business formation in which two or more persons can jointly register a partnership business for a common interest. The Partnership Act, 1932 is the law applicable in Pakistan to register an AOP.
The AOPs are subject to fewer regulations as compared to a private limited company formed under the Companies Act, 2017 in Pakistan. The compliance mainly includes obtaining a one-time registration from the Registrar of Firms by submitting required documents and filing of annual tax return of a partnership firm. The profit of the partnership firm is taxable while partners are not taxed separately and partners only require filing their personal income tax return and wealth statements.
Partnership Firm | AOP Registration Services in Karachi, Pakistan
Rascons Financial Service provides following end-to-end services related to the Partnership Firm / AOP registration, modification and dissolution:
New Partnership Firm / Association of Person (AOP) Registration
From the drafting of a new partnership deed to obtaining registration certification from the Registrar of Firm and filing your firm’s tax returns, Rascons Financial Service provides end-to-end services in registration of Partnership Firm / Association of Person (AOP).
Addition of New Partner(s) in an Existing Partnership Firm
A new partnership deed must be executed if all the existing partners desire to admit a new partner in their existing partnership business. The new partnership deed will supersede the old partnership deed.
Dissolution of Partnership
Firm
When a partnership firm wind up its business and relationship between partners ends is called dissolution of partnership. According to the Partnership Act, 1932, following are the events at which a partnership dissolves:
(1) Notice from existing partner or mutual decision of partners
(2) Death or bankruptcy of partner
(3) Achieving specific objective for which the partnership was formed
(4) Court orders to dissolve the partnership
Steps to Register a Partnership Firm in Karachi, Pakistan
STEP 1: OBTAIN INFORMATION
This includes obtaining information such as:
- Name & address of partnership firm
- Nature of business
- Partners information (Name, CNIC, Address & Profit/Loss Sharing Percentage)
- Initial capital contribution
- Duration of partnership
- Other information
STEP 2: DRAFTING PARTNERSHIP DEED
After obtaining all the necessary information as discussed in Step 1, we will draft a partnership deed for your review.
STEP 3: FINALIZATION
Once finalized, we will share the partnership deed on stamp paper and other mandatory forms for signature and witnesses.
STEP 4: SUBMISSION OF DOCUMENTS
Following documents are required to be submitted to the Registrar of Firm for the registration of partnership firm.
- Partnership deed on Rs. 2,000 stamp paper signed by all partners
- Form A signed by all partners
- Copy of CNIC of all partners and witnesses
STEP 5: OBTAIN A REGISTRATION CERTIFICATE & NATIONAL TAX NUMBER REGISTRATION (NTN)
Obtain registration certificate. At this stage, the registrar of firms will share information with the Federal Board of Revenue that will automatically register and issue the National Tax Number of the Partnership Firm.
ALL-IN-ONE PACKAGE
- Accounting & Bookkeeping
- Taxation
- Corporate Services