Why
Partnership is formed?
In the professional Business which stress the factor of personal service, the partnership form of organization is widely used, such a business are of lawyers, income Tax advisers, Doctors, public and private Accountants, Repairs and maintenance workshops and Centers, Barber shops, Boutique ,Dry Cleaners, etc. In the field of trading and manufacturing business, partnerships are very popular, because they afford a means of combining the capital and abilities of two or more persons. Perhaps the most common factor which implies a business to seek partner is the lack of sufficient capital of his own to carry on his/her business.
Person who entered into partnership with another are called individually ‘Partner’ and collectively a firm and the name under which the business is carried on is called the ‘firm’s name’. Firm Name is often includes certain words as :-
Aslam &Company or Adnan & Company. Waseem & Son’s, Akram & Son’s, Raheem Bros.(Brothers), Siddiqi Brothers.
Pakistani Traders, Qureshi Traders, Qadri Dealers.
Mirza & Mirza, Sultani & Sons, Bushra & Co. etc.
In the professional Business which stress the factor of personal service, the partnership form of organization is widely used, such a business are of lawyers, income Tax advisers, Doctors, public and private Accountants, Repairs and maintenance workshops and Centers, Barber shops, Boutique ,Dry Cleaners, etc. In the field of trading and manufacturing business, partnerships are very popular, because they afford a means of combining the capital and abilities of two or more persons. Perhaps the most common factor which implies a business to seek partner is the lack of sufficient capital of his own to carry on his/her business.
Person who entered into partnership with another are called individually ‘Partner’ and collectively a firm and the name under which the business is carried on is called the ‘firm’s name’. Firm Name is often includes certain words as :-
Aslam &Company or Adnan & Company. Waseem & Son’s, Akram & Son’s, Raheem Bros.(Brothers), Siddiqi Brothers.
Pakistani Traders, Qureshi Traders, Qadri Dealers.
Mirza & Mirza, Sultani & Sons, Bushra & Co. etc.
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