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The document discusses different types of business entities and how to register them. It describes sole proprietorships, partnerships, and companies. For sole proprietorships, the owner pays personal taxes on profits and can do business under their own name without separate registration. Partnerships require a partnership deed and agreement between partners. Companies require at least two directors for a private limited company or one director and secretary for a single member company. The document provides details on the registration process for each type, including obtaining necessary documents like a National Tax Number and reserving a company name.

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MUQADAR Rajpoot
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335 views3 pages

Assignment

The document discusses different types of business entities and how to register them. It describes sole proprietorships, partnerships, and companies. For sole proprietorships, the owner pays personal taxes on profits and can do business under their own name without separate registration. Partnerships require a partnership deed and agreement between partners. Companies require at least two directors for a private limited company or one director and secretary for a single member company. The document provides details on the registration process for each type, including obtaining necessary documents like a National Tax Number and reserving a company name.

Uploaded by

MUQADAR Rajpoot
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Name Muqadar Karamat

Roll-Number F19-1080
Assignment: Entrepreneurship

What is the difference type of business consider of the registration?


 Sole proprietorship
 Partnership
 Company
 How we register all of them?

 Sole proprietorship: A sole proprietorship—also referred to as a


sole trader or a proprietorship is an unincorporated business that
has just one owner who pays personal income tax on profits
earned from the business. Many sole proprietors do business
under their own names because creating a separate business or
trade name isn’t necessary.
For Example, the debts of the sole proprietorship are also the debts of
the owner. However, the profits of the sole proprietorship are also the
profits of the owner, as all profits flow directly to the business owner.
 Partnership: A partnership is an arrangement where parties,
known as business partners agree to cooperate to advance their
mutual interests. The partners in a partnership may be
individuals, businesses interest-based organizations schools,
governments or combinations. Organizations my partner to
increase the likelihood of each achieving their mission and to
amplify their reach. A partnership may result in issuing and
holding equity or may be only governed by a contract.
 Company: legal entity representing an association of people,
whether natural legal or a mixture of both, with a specific
objective. Company members share a common purpose and unite
to achieve specific, declared goals.
How we register all of them?
In order to have Sole Proprietorship Registration
 Choose a name for your business/ Sole Proprietorship.
 In order to apply for Sole Proprietorship Registration, you must
have a National Tax Number (NTN) to be issued by FBR. You will
only receive an NTN certificate with your name & details on it.
 Make letterhead and business card for your Sole proprietorship
business with name, logo, phone number and physical office
address of your business on it.
 File request on the letter head signed and stamped along with
your CNIC and business card with bank of your choice for
opening business account of your Sole proprietorship Business.
 Get issued a maintenance certificate from the bank after your
account is opened.
 After your account is opened you can also register for Sales Tax
(GST)
Partnership Registration:
 Partnership deed executed on non-judicial stamp worth Rs.
1,000/- (name of Partnership Firm and Address must be
mentioned along with all rights and obligations of the parties
against each other and any third parties) attested by at least 2
witnesses as prescribed under the law.
 Filled form I
 Bank challan of prescribed Registration fee
 CNIC copies of all partners along with CNIC of all witnesses.
 Copy of all the above documents duly notarized by a notary
public.
 Partners may have to physically appear before the Registrar
Firms if required by him.
Company Registration:
 Private Limited Company needs at least two directors.
 Single Member Company needs at least one director and a
secretary.
 You will receive an email at your registered email address in about
two to three days if your name reservation is successful. If there is
any objection then you may need to repeat the first step.
 Your company name will be reserved for a period of 90 days. You
can either pick up the Company Name Reservation Certificate
from the concerned on the next working day or it will be delivered
to your address in 2 – 4 days

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