Partnership Laws

PARTNERSHIP LAW

A Partnership for execution of business activities can be setup in Pakistan under the provision of Partnership Act, 1932 as well as Limited Liability Partnership Act, 2017. Partnership laws provide the business structure between smallest entity i.e. sole proprietorship and formal separate corporate entity i.e. Limited Liability Company with many legal requirements.

Partnership law generally enable its partners to pool their resources and carry on a business on a considerable larger scale as compared to sole proprietorship but with the same taxation model and also with much lesser reporting requirements as compared to registered company.

Partnership can be formed to do any type of business such as manufacturing, trading, commercial or professional services with the object to earn profits. There are some professions which required only this form of business entity like Lawyers, Accountants etc. Partnerships concern made under the provision of Partnership Act, 1932 and Limited Liability Partnership Act, 2017 also have some basic differences.

Experienced attorneys of team IBI-Remedium are well conversant with up-to-date legal changes and business affairs in Pakistan, specialized in the forming of businesses of various types whether it be companies, partnerships or limited liability partnerships, will assist you to select the best business structure for your venture.