Limited Liability Partnership (LLP) is an alternative type of business presented in Pakistan by SECP through Limited Liability Partnership Act 2017 and expanded by Limited Liability Partnership Regulations 2018, traditionally; there have been three broadly utilized corporate structures for the formation of an organization in Pakistan which are as follows: Sole proprietorship, Partnership and Limited company
In any case, the need has consistently been available to bring another type of corporate structure through which the business owners can effectively participate in the organization’s management and are secured against individual risk for the organization’s obligations and debts.Finally the gape was filled in 2017 by the provision of Limited Liability Partnership (LLP) bill passed by senate.
A limited liability partnership (LLP) is a corporate structure in which the proprietors are not liable for organization’s obligations or liabilities while the provision of flow-through taxation to the shareholders of an LLP (means LLPs do not pay taxes, losses and profits are passed through to shareholders, who claim them on their tax returns) is a feature of partnership. So a limited liability partnership (LLP) is a mixture substance that consolidates the qualities of a corporation with those of a partnership or a sole proprietorship.
- Full name, address, occupation, and father or husband’s name of all partners
- CNIC copies of all partners
- Partnership deeds on stamp paper (described above)
- Partnership fee copy which needs to be deposited at the national bank of Pakistan
- Address proof of business / Rent deed of the business
- All partners have to sign the deed in the presence of an authorized officer or a registrar NTN
- Bank account in the business name
- Accounting records of the FIR
- Has a turnover of more than 10 million
- Utility bills exceed 8 lac
- Has different branches
- Is in a shopping mall
- A service provider (courier, hotel, shipping, etc)
IF you have a:
- Call Center
- It Company
I so you should do PSEB registration. For call center it is mandatory otherwise you can not operate in Pakistan, But, if you have an IT company then you should also register, so it will allow you to avail the tax exemption. We offer consultation for all kinds of business, so contact us now and we will give you a complete guide.
If you have a business-related to engineering, then you have to do PEC registration. Otherwise, you can not undertake your work.
If you have a business of trading, so the chamber of commerce is mandatory for you. Also, if you want to apply for a business visa, so you have to get it.
For more information about Private Limited Companies, such as it’s benefits, disadvantages, and history you should read our blog! We are committed to giving you a complete guide and awareness. Starting from company name search to registration, incorporation, and further processes we are always here! If you want to make a Public Limited Company, you are just a call away from that. So, take out your phone and dial now: 03222812976 If you want to have a meeting, you can visit our office from noon to 7 PM (Pakistani time)! We are open every day except Sundays. Also, you should know that we won’t ever overburden our clients. Spectrum Consultancy is a combination of quality and cheapness.