How to Form a Limited Liability Partnership in Pakistan: A Step-by-Step Guide
A Limited Liability Partnership (LLP) is a partnership where certain or all partners have limited liabilities (depending on the jurisdiction).
In 2017, the concept of a Limited Liability Partnership was introduced to The public. The Limited Liability Partnership Act, 2017, was enacted in 2017, and rules and regulations for LLP registration in Pakistan were later developed.
The Limited Liability Partnership Regulations, 2018 define the rules governing various aspects of LLPs, such as the registration process, the name of the LLP, partners, conversion to a private company, and so on.
The liability of each partner is regarded unlimited under traditional partnership law, i.e. the Partnership Act of 1932.
In an LLP, all partners are allowed to participate in running the business
1. Name Choosing
First, choose a distinct name for your LLP that bears no resemblance to any existing private company or LLP. Please keep in mind that LLP will be added to the name of the LLP. If your company's name is UVWXYZ, the full name should be "UVWXYZ LLP."
2. Registration of users
On the SECP e-Portal, a user ID or account is created for each LLP partner. The user ID is required for LLP registration, filing forms after registration, and a variety of other purposes.
3. Name Availability
The first step in LLP Registration in Pakistan is to apply to the registrar for name availability. The application can be submitted both offline and online.