1. Selection of Partnership Name
- Choose a unique and appropriate name for your partnership firm that doesn’t conflict with existing registered businesses.
2. Drafting of Partnership Deed
- The partnership deed is a written agreement outlining the rights, duties, and responsibilities of all partners. Key points to include:
- Business name and address
- Names, addresses, and roles of the partners
- Capital contribution by each partner
- Profit-sharing ratio
- Rules for admission of new partners, dissolution, etc.
3. Stamping of Partnership Deed
- The partnership deed needs to be stamped as per the Stamp Act, 1899. The value of the stamp paper is determined by the capital contribution.
4. Notarization of Partnership Deed
- After stamping, the partnership deed must be notarized by a notary public to ensure its authenticity.
5. Filing Form-I (Application for Registration)
- Submit Form-I along with the partnership deed to the Registrar of Firms in the relevant jurisdiction.
- Required documents:
- Stamped and notarized partnership deed
- National Identity Cards (NICs) of partners
- Proof of address for the business
- Form-I (Application for Registration)
- Fees for registration
6. Submission to Registrar of Firms
- Submit the required documents to the Registrar of Firms in the region where the business operates.
- The registrar will review the documents and may ask for clarifications if necessary.
7. Issuance of Certificate of Registration
- After approval, the Certificate of Registration is issued, officially registering the partnership.
8. Obtain National Tax Number (NTN)
- After registration, apply for a National Tax Number (NTN) from the Federal Board of Revenue (FBR) for tax purposes.
9. Business Bank Account
- Open a partnership business bank account using the partnership deed and registration certificate
