Partnership involves two or more persons agreeing to share profits from a business they operate together. There are different types like ordinary, limited, and at-will partnerships. Registration is not required but provides benefits. Key requirements include details on each partner, partnership deed, tax registration, and accounting records. The partnership deed outlines mutual rights and obligations, while the dissolution deed formally ends the partnership by distributing assets when agreed to dissolve.

1. PARTNERSHIP
WHAT IS PARTNERSHIP
TYPES
REGISTRATION
REQUIREMENTS
ADDITIONAL REQUIREMENTS
PARTNERSHIP DEED
DISSOLUTION DEED

2. WHAT IS PARTNERSHIP
• The relation between persons who have agreed to share the profits of
a business carried on by all or any of them acting for all.
• Minimum two and maximum twenty persons in any partnership
business mutually decide to run a business collectively where they
• Share Responsibility
• Pay taxes
• Divide the work
• Share every loss or profit

3. TYPES OF PARTNERSHIP
• Ordinary Partnership
In accordance with OP, partners are jointly and unlimitedly liable for the obligations of the
partnerships. Each partner must bring some contribution in form of money other valuable
properties or services.
• Limited Partnership
In this kind of partnership, one or more partners have limited liability and at least one
among the partners has unlimited liability. The liability of the limited partner is limited to
the extent of his investment in the business
• At-will Partnership
it is the most advantageous in terms of its indefinite period feasibility. Partnership at-will
doesn’t require time duration and can be dissolve any moment the partners see fit. An
ordinary partnerships turns into a partnership at-will under the following conditions:
• If the partnership is of an indefinite period
• If the partnership is formed for definite period of time and the firm continues to function
after the expiry period
• If a partnership is formed to conduct a particular venture and continues to function after the
accomplishment of venture.

4. REGISTRATION OF PARTNERSHIPS:
• Partnership registration is not compulsory by any law but it is
better to do so if individuals have agreed to work jointly. A
partnership may be registered with the Registrar of Firms of an
area where the office of the firm is located or proposed to be
situated. In order to register business as partnership minimum
two persons are required, however the following requirements
are required;

5. REQUIREMENTS:
• Each person’s – Full Name, Father or Husband Name, Residential Address
and Occupation.
• Copy of the National Identity Cards of each partner.
• Partnership deed on stamp paper is also required.
• Proof of the address of partnership business, usually utility bills – could be
of electricity.
• If the address of the partnership business is rented then rent deed is
required
• Copy of the original receipt of Partnership fee deposited in the National
Bank of Pakistan.
• Signature of all the partners in partnershipfirm business in presence of a

6. 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.
• Registration from any other authority if required under any law
of business to be undertaken.

7. PARTNERSHIP DEED
• A partnership agreement is a document signed by all partners
which consists of mutual rights, obligations, regulations and
conditions concerning the internal management of partnership
organization.

8. DISSOLUTION DEED
occurs when firm is dissolved by mutual consent of partners. A
deed of dissolution is required and need to be registered. It
should clearly mention debts and liabilities. The dissolution deed
provides the valuation of assets including goodwill and
distribution of same amongst the partners.