Required Documents:
- National Identity Cards of All Partners
- Mobile Number
- Email ID
- Rent Agreement
- Electricity Bill
- Partnership Deed on Stamp Paper of Value PKR 1000
- Business Name
- Address
- Business Activity
Registering a partnership firm in Pakistan under the Partnership Act 1932 offers several benefits:
Simplicity
The process of forming a partnership is straightforward and requires minimal documentation.
Shared Responsibility
Partners share the responsibilities, risks, and rewards of the business, making it easier to manage.
Combined Resources
Partners can pool their resources, skills, and expertise, which can lead to better decision-making and more robust business operations.
Flexibility
Partnerships can be flexible in terms of how profits and responsibilities are distributed among partners.
Ease of Formation and Dissolution
Partnerships can be easily formed and dissolved without complex legal procedures.
Tax Benefits
Partnerships may enjoy certain tax advantages, such as profit sharing, which can reduce the overall tax liability.
Increased Borrowing Capacity
Banks and financial institutions may be more willing to lend to a partnership due to the combined creditworthiness of the partners.