Business Partnership

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Business-Partnership

What is Business Partnership?

Business partnership is a relation between two or more than two persons who agree to share the profit of the business. Such a mutual trade is run either by all the partners or one of them who is nominated for the purpose.

Under which law, it is applied for the registration of the partnership firm?

Application for the registration of the partnership (firm) is given under section 58 of the Partnership Act 1932.

Which are the particulars to be mentioned in the application?

  • Name of the firm
  • The address where the business has to be launched
  • The names of the nearby places where firm plans to start the project
  • The date of joining of the mutual trade partners
  • Names and addresses of all the partners
  • The description of the duration (or expected life) of the business

All the partners or their nominated representatives are required to sign the application.

Whom the application for registration is submitted to?

After filling up the given form, the application can either be posted or submitted in hand to the Registrar of the given area. For the completion of all this process, the registration fee has to be paid.

Which are the important things to keep in mind while deciding the name of the firm?

The words like “Government”, “Jinnah”, “Quaid-e-Azam” or other such terms which indicate that the firm has been approved by the Provincial or Federal Government cannot be chosen as the name of the firm. However, such names can be used if it is allowed by the government for a particular firm. Apart from this, no such word can be used which has been declared as inappropriate by the Provincial Government in the official gazette.

Can a partnership firm use the name of the United Nations or its subordinate institutions?

Any of partnership firms cannot use the name of United Nations, the abbreviation of its name or the subordinate institutions until the firm has secured a written permission from the Secretary General of the United Nations. Other than this, no firm is allowed to use the name or abbreviation of World Health Organization (WHO) until the firm has received the written permission from the Director General of the WHO.

How can the registration of partnership (firm) be proved/ justified?

Any registered firm will be having a proof in the form of a Registration Certificate that is issued by the Registrar after the though investigation about the contents of the application.

From where can more information be obtained about the procedure of legal contract for a partnership business?

More information about the procedure of legal contract for a partnership business can also be obtained from the following sources:

1. Law and Justice Commission, Government of Pakistan,
Supreme Court Building, Islamabad.
Phone Number- 051-9220483
Fax Number- 051-9214416
E-mail- Ijcp@Ijcp.gov.pk”
Website- www.Ijcp.gov.pk
2. Consumer Rights Commission of Pakistan (CRCP) Post Box 1379, Islamabad. Phone Number- 111-739-739
E-mail- main@crcp.org.pk
3. Information offices in Districts and Tehsil Kutchery.
4. Partnership Act 1932

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