For the purpose the application is submitted to the registration in accordance

For the purpose the application is submitted to the

This preview shows page 8 - 11 out of 25 pages.

the firm shall be made by the registration. For the purpose the application is submitted to the registration in accordance to Partnership Act 1932. Along with applications following documents has been submitted. Each partner’s– Full Name, Father or Husband’s Name, Residential Address and Occupation. Copy of the National Identity Cards of each partner. Partnership deed on stamp paper. A Partnership Deed is the document containing an agreement that details the rights and obligations of each partner participating in the venture. Proof of the address of partnership business, usually utility bills If the address of the partnership business is rented then the rent deed is required Copy of the original receipt of Partnership fee. This fee needs to be deposited at the National Bank of Pakistan. Signature of all the partners in partnership\firm business in presence of a registrar or an authorized officer. Additional Requirements: National Tax Number from Federal Board of Revenue Bank Account in the name of Business. Accounting records of the partnership business, a properly maintained profit and loss account and balance sheet. Advance payment of Income Tax as required by the Income Tax Ordinance of 2001. Registration from any other authority if required under any law of business to be undertaken. Commencement of Business After all the legalities and going through required procedure Avicon aviation consultant agency begins their business as a partnership firm from 18th July, 1995 Their business was going smooth but soon they face a need to make amendment in the existing deed.
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Introduction of topic Law of Partnership: The law of partnership is contained in the partnership act 1932 which came into force on 1 st october 1932. It extends to the whole of pakistan. Meaning and Definition A type of business organization in which two or more people pool their money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately. Characteristics of Partnership: Legal entity: A partnership has no separate legal entity apart from its members. Agreement: Partnership is a result of an agreement between two or more persons orally or written. Number of partners: It has at least 2 person or no more than 20 persons. Existence of business: In order to form a partnership the partner must agree to carry on a certain business. Sharing of profit: The profit is distributed among the partners according to their agreement. Unlimited liability; The liability of all partners is unlimited they all are individually responsible for all debt.
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Capital: Capital for the partnership firm is provided by the partners. Utmost faith: A partner is based on mutual confidence and trust of the partners.
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