SUBJECT TOPIC Partnership SUBMIITTED TO Choudhary SUBMITTED BY ROLL NO.

CLASS SESSION

Business Finance Sole Proprietorship &

Sir,Prof. Naeem Akhtar

Wajahat Ali Ghulam 01 BBA 4th (Morning) 2010 2014

FACULTY OF ADMINISTRATIVE SCIENCES UNIVERSITY OF AZAD JAMMU & KASHMIR DEPARTMENT OF BUSINESS ADMINISTRATION
Sole proprietorship a definition The sole proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy's Nail Salon. The fictitious name is simply a trade name--it does not create a legal entity separate from the sole proprietor owner. STAR & CO. GARMENTS
I started a sole proprietor business in a shop. I bought some garments stuff to attract the customer towards my business. In very beginning my business earned a good standing among competitors. But due to some solid reasons I partnered my business so that I can manage my business through different minds and run my business in efficient and in effective manner. After giving some time I felt that this business is not totally handled by me due lack of effective decision-making. Partners contribute their share of capital in business and we bought some other market in stuff, that attracted the customer very much.

Partnership

A partnership is the relationship existing between two or more persons who join to carryon a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the business. STAR & CO. GARMENTS (Partnership) It was not necessary to form partnership deed, but my partners found convenient and easy to form the business through the Partnership Deed. The main contents of Partnership deed are as follows of our business: -

This deed of partnership being entered into, at Kotli Azad Kashmir on this 17th day of September 2012 between i. Mr. WAJAHAT ALI GHULAM CNIC # 81202-8547123-5

Village Mandi Dhara Post office: Kotli Azad Kashmir Tehsil & District Kotli Azad Kashmir ii. Mr. NASIR KHAN CNIC # 81202-3457687-6

Near National Bank of Pakistan main branch Post office: Kotli Azad Kashmir Tehsil & District Kotli Azad Kashmir

The contents of partnership deed are as follows: Name of the firm The name of the firm is " STAR & CO. GARMENTS Rights Look after the business, and have equal status in business. Every partner has equal duties in the business.

Duties To attract the customers towards business by giving them extra care both by partners. Every partner tries to expand the business in greater markets. And also avoid from an illegal and unethical activities. And also try their best to take great care of customers.

Place of Business The place of the business is Kotli Azad Kashmir. The parties, mutually agreed upon, change the place of business anywhere in Kotli Azad Kashmir. Nature of Business The firm carry on business in garments. Duration of Partnership The partnership shall be deemed to commence on and from 1 7th September 2012 and it shall be a partnership at will. Capital The firm's capital Mr. WAJAHAT ALI GHULAM Rs. 10,00,000 (Rupess ten lakhs only) Mr. NASIR KHAN Rs. 10,00,000 (Rupess ten lakhs only)

Which each partner shall contribute is as follows: Profit sharing ratio The partners in the ratio of 3:1 shall share the profit or loss of the firm. Witness. Every partner has right to amend the deeds according their will. But the amendments will be according the permission of every partner.