Monday 30 July 2012

How to register a firm in Pakistan?

Firm registration is not simple in Pakistan. A firm is registered at the registrar's office in any district of Pakistan. Once a firm is registered in one district it can perform functions in any part of Pakistan. The following are some important facts in the registration process of a firm.

1. A firm is registered under partnership act 1932.
2. It is best to hire a lawyer for the registration of a firm. The reason is that the lawyers know the process well and they make it simpler. That is also beneficial in the smooth operating of a firm at later stages.
3. There can be minimum two partners and maximum 20 partners in a firm.
4. A single partner can not register a firm.
5. At the time of registration the presence of partners is mandatory requirement.
6. The firm should have its head office in a commercial area.
7. The CNIC of two witnesses and partners are required to be annexed with the registration documents of a firm.
8. The time period for registration is almost 1 month. After that a certificate is issued.
9. Normally the attorneys charge a fee of 25k-50k for the registration of firm in their particular district.
10. There is also NTN numbers required on the names of partners and on the name of firm in the registration documents.
11. The most important document is the partnership deed signed between partners which has the terms of firm and its activities.


4 comments:

  1. It would be appreciated if you expanded the scope of your website to include important judgments in cases relating to Banking and other civil matters, such as Property Act, Limitation ACt, Banking Institutions Financial Institutions) Ord, Rent Act, etc etc


    ReplyDelete
  2. I could not post this elsewhere on your website and have to post it here. You may move it to appropriate section of your site as you may deem fit.

    DEFENCE TAKEN AGAINST A BANK PAYING AN INVALID CHEQUE

    The impugned cheque was not in order and not fit for payment as per law on the following grounds:

    !. the cheque cannot be payed as material part of cheque were doubtful.
    2. Cheque should not have been passed as it contained extraneous matter.
    3. That the material alterations were not confirmed by the full signature
    of the drawer.
    4.the cheque was not drawn in proper form.
    5. the said cheque conveyed to the banker was ambiguous
    6...Due to condition attached, the cheque was rendered invalid
    7..That the bank paid the impugned crossed cheque
    in bad faith and with negligence.
    8..That the said cheque had been materially altered and such alteration
    distinctly appeared to have been so altered.
    9..That the material alteration of an instrument, if any, had rendered the
    same void as against any one who was a party thereto at
    the time of making such alteration made, marked, noted
    and apparent to the bank on the face of the impugned cheque.
    10. It was your duty that you must have seen that the customer or
    the holder had not changed the form of the cheque and made it conditional
    one.
    If so, the cheque should have been returned.
    11..That the standard of diligence required in this regard as derived from
    the practice prevailing among the banks was not observed and the bank
    failed to
    even the test in finding out to whether
    act in a bonafide manner and instead committed patent negligence, will be
    whether the transaction of paying in any given cheque/draft coupled with
    circumstances antecedent and present were so out of the ordinary course
    that it
    ought to have aroused doubts in the minds of the banker and caused them to
    make
    an enquiry. The bank also failed to get confirmation from the customer
    before paying
    out the impugned cheque which in such event was mandatory on the bankto do.
    12..That the said cheque contained a conspicuous statement, however
    expressed, to
    the effect that the promise or order was not negotiable and is not an
    instrument.
    13. The date was inserted by the drawee.
    14.,The Bank acted mysteriously in that it took unusually longer float
    time for paying the cheque which goes to show that there was some hanky
    panky going on at the bank(s) and the said cheque was only passed through
    collusion of the bank(s) and the drawee/payee.
    15..That in the event of an apparent evidence on the said cheque the bank
    failed to
    to exercise ordinary care and diligence with notice and is thereby legally
    bound to compensate me, the customer, for the said loss accordingly.''
    --

    ReplyDelete
  3. Why it is not mandatory for a Partnership Firm to be registered with Registrar of Firms under Partnership Act, 1932.

    ReplyDelete
  4. If any one not clear then he can visit
    http://www.incorp.pk

    ReplyDelete

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