Download as PPTX, PDF, TXT or read online from Scribd
Download as pptx, pdf, or txt
You are on page 1/ 11
REGISTRATION AND
DISSOLUTION OF PARTNERSHIP By HASIB H. BAIG PhD LAW (SCHOLAR) ADVOCATE HIGH COURT Objectives Process of registration of partnership.
Formalities and documents of partnership
Dissolution of partnership LEGAL FRAMEWORK CONSULTED The partnership Act, 1932
Procedure of Registration in ICT.
All other enabling laws.
Registration of Partnership • Partnership is relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
• Registration is a task of listing
name of the business in the registration office. Actually registration of partnership means the registration of partnership deed. According to the Partnership Act , registration is not compulsory but encourages doing it. Registration of partnership • The contents of a application form for registration are as follows: • Name of the partnership business • Location of the business. • Objectives of the business. • Name, address and profession of the partners • Amount of investment by each partner. • Date of joining the partners. • Starting date of partnership business. Procedure for Registration in ICT • Partnership registration is provincial subject; provincial government is responsible to regulate partnership matters. Every provincial government has appointed Registrars of Firms in all major cities of the country. • Partnership Act 1932, is sole statute to regularize all matter relating to partnership business, for instance registration, retirement and death of partners and dissolution of firms. • Capital Administration and Development Division is responsible to administer which are in the domain of provincial government. Two or more partners can form a firm in line with the provisions of Partnership Act, 1932 for starting a business in Pakistan. • Once firm registration process is complete you get to enjoy certain statutory right which non-registered firm are unable to enjoy. Procedure for Registration in ICT We have to complete documents as mentioned in the below section for the registration of firm in Islamabad. • Fill the form (Form-I) and fill it properly. • Prepare a Partnership Deed on a Stamp Paper. • Submit registration fee in the National Bank of Pakistan (NBP) through a Challan Form under the Head of Account: C-03545 • Prepare an affidavit regarding accuracy of papers and existence of office on a stamp paper. • We have to Visit Industries Department located in ICT Agriculture Complex, Mauve Area, G- 11/4, Islamabad to submit your application along with documents. • All the Partners / Witnesses would be required to appear in person along-with their original valid C.N.I.C before the Registrar of Firms. • We have to Collect your Certificate on the date provided by the office. Documents Required Documents Required I. Form-I II. Partnership Deed on a Stamp Paper of Rs. 1000/- III. Receipt regarding submission of Registration Fee in NBP IV. Affidavit on a Stamp Paper of Rs. 5/- V. Copy of lease agreement / ownership of the office address alongside a copy of a utility bill (Office of the Firm should be in Commercial Area) VI. Copy of Computerized valid N.I.C of all the Partners and Witnesses. Dissolution of partnership
• Dissolution of partnership may occur when one of the partners want to
cancel the contract or according to the deed. • There are various methods of dissolution: • Dissolution by agreement: According to the Partnership Act, by consent of all the partners of business, it will be resolve any time which was written in the partnership deed. • Compulsory dissolution: According to the Partnership Act, the compulsory dissolution take place under the following circumstances: By the happening of an event which makes it unlawful for the business. By the adjudication of all the partners or of all the partners but one as insolvent. Dissolution of partnership
Dissolution due to the happening of certain contingencies : According to the
Partnership Act, dissolution under the following circumstances: • When the partnership for a certain period of time, the partnership business will dissolution after end of the period. • By the retirement of a partner to business will be dissolved if there is no agreement to the contrary. • By the death of one or more of the partners, unless there is a contract to the contrary. The completion of a particular adventure. Dissolution by notice: According to the Partnership Act, the partnership business be resolve by giving notice to other partner. Dissolution of partnership
Dissolution by the court: In case, any partner give complain against
one or more of his co-partner, the court may dissolve the partnership on any of the following grounds: • If a partner becomes imbalance. • If a partner becomes permanently incapable of doing work. • If a partner frequently break of the partnership agreement. • If a partner has transferred the whole or part of his interest to a third party, which is not lawful .
