Understanding Your Options for Business Partnerships
When starting a business with partners, you have two main options: Partnership Firm (AOP) or Private Limited Company. Both have their own set of advantages and legal requirements. If you're considering a partnership, it's crucial to understand the registration process and legal obligations involved.
The Steps of
Partnership Firm (AOP) Registration Process
If you want to start a new business with partners or formalize an existing partnership, acquiring AOP registration is essential. Here's a step-by-step overview of the registration process:
01
Firm Registration
This step establishes the legal existence of your business entity.
02
NTN for Firm and Partners
After firm registration, all partners and the firm will receive National Tax Numbers (NTNs).
03
Opening a Partnership Account
With the firm and partners' NTNs, you can open a partnership account in the bank.
04
Legal Compliance
All partners will be bound to perform their duties as per the law, ensuring smooth and lawful business operations.
At Business Baba, we take care of the entire registration process for you. We prepare your Partnership Deed, handle firm registration, and acquire NTNs for all partners and the firm.
Want to check Private Limited Company?
Why Consider Other Options?
While a Partnership Firm (AOP) is a viable option for many, it might not always be the best choice depending on your business goals and structure. Private Limited Companies offer limited liability protection and other benefits that might be more suitable for certain types of businesses. If you're unsure which option is right for you, we're here to provide expert advice and guidance.
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