WHAT IS A PARTNERSHIP FIRM ?
According to the “partnership act” 1932, the term partnership is defined as the relationship between individuals who agrees to share their profit in the decided business. Partnership firms are preferred by the majority because their structure is more flexible. Similarly, it is more symmetrical. To incorporate a partnership firm at least two individuals are required. But, the maximum is 20. Further, the shares will be divided amongst the partners according to the capital they have invested. Assuredly, partnership firms do not have a limited liability structure just like a sole proprietorship. Partnership firms are divided into two classes, register and unregistered. But, in both types of partnerships, a partnership deed is compulsory. Specifically, a partnership deed is a document that is signed and agreed upon by all partners. Further, the document consists of regulations, obligations, rights, and conditions related to the business. So, this document can be prepared by a legal advisor/lawyer. Although, it is not necessary to register a partnership firm, yet the registration adds to the advantages of the business.
Spectrum Consultancy provides leading company registration services throughout Pakistan. We offer all types of company registration starting from a sole proprietorship to private limited, public limited, one person, partnership firm, limited liability, a foreign company, and more. On average, we incorporate a company in 5-10 days. However, it relies upon the type of company, government procession period, and customer documents submission. Despite, you can set an appointment with our expert legal advisors if you need any type of consultation regarding the partnership firm and other businesses.
DO I NEED A GST ?
If your business
- Has a turnover of more than 10 million
- Utility bills exceed 8 lac
- Has different branches
- Is in a shopping mall
If you are a
- A service provider (courier, hotel, shipping, etc)
Then you must get a GST registration number. Otherwise, it will be a violation of the law. But, you don’t have to worry about that. We will provide you complete consultation about business formation. Here is a complete guide of GST.
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 commerceis mandatory for you. Also, if you want to apply for a business visa, so you have to get it.
If you want to do import/export business, then you must need weboc registration. Otherwise, you can not run your business.
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.