Partnership Deed
Legal agreement between partners defining terms and conditions of a partnership business under the Partnership Act, 1932 as applicable in Pakistan.
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Instructions
1. Clearly define the firm name, nature of business, and principal place of business.
2. Specify each partner's capital contribution in PKR and profit/loss sharing ratio.
3. Include provisions for management, banking, accounting, retirement, and dissolution.
4. Get the deed notarized and register with the Registrar of Firms. Apply for NTN and STRN for the firm.
Frequently Asked Questions
Is partnership deed registration mandatory in Pakistan?
While not mandatory, registration with the Registrar of Firms provides legal benefits including the ability to file suits and enforce rights between partners.
Can profit sharing differ from capital contribution?
Yes, profit sharing ratio can differ from capital contribution ratio as per mutual agreement between partners.
What happens if a partner dies?
As per the deed, the deceased partner's share is valued and paid to legal heirs. The firm may continue with the surviving partners.
What tax registrations are needed?
The firm needs NTN (National Tax Number) from FBR, STRN if applicable, and registration with provincial revenue authorities.
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