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FEATURES | SOLE PROPRIETORSHIP | PARTNERSHIP/FIRM | COMPANY PRIVATE LIMITED(SMC & LLC) |
---|---|---|---|
REGISTRATION | Register with FBR | Register with Local Registrar | Register with SECP |
NUMBER OF OWNERS | Only one owner can register as Sole Proprietorship | Minimum two owners are required to open a Firm | Either one or more than one can open a company |
NAME OF BUSINESS | Business name is not secured | Business name is not secured | Business name is secured by the SECP |
TRADEMARK/LOGO | Registration of trademark will not assist as mush to secure business name | Registration of trademark will not assist as mush to secure business name | To secure business name registration of trademark is not mandatory but it's better to register a trademark to further secure the name |
NTN | Business NTN and its owner's NTN is same | Firm NTN is different from its partner(s)/owner(s) | Company NTN is different from its director(s)/owner(s) |
WITHHOLDING TAX | Withholding tax is higher than company but same as Firm | Withholding tax is higher than company but same as Sole Proprietorship | Withholding tax is less than Firm and Sole Proprietorship |
ANNUAL TAX | Annual tax is less than company | Annual tax is less than company | Annual tax is higher than Sole proprietorship and Firm |
LIABILITY | Liability of business is on owner and vice versa | Liability of each partner and Firm is on another partner and vice versa | The Director/owner is only liable as per his/her shares in the company |
REGISTRATION PROCESS | Registration process is very simple | For registration partnership deed is required to be drafted and submitted with other supporting documents | Registration process is bit complex and supporting documents are required to be submitted in the given pattern |
REGISTRATION TIME PERIOD | 1 working day | 10 to 12 working days | 6 to 7 working days |
CHARTER ACCOUNTANT | Not mandatory | Not mandatory | Mandatory as per the law / Consent Form / Per year |
ANNUAL RETURNS | Mandatory with FBR | Mandatory with FBR | Mandatory with FBR & SECP / Form A & 29 / Form C |