Prescribe Timelines for the Registration Process of Partnerships in Relevant Regulations
|Reform Description||Timelines Prescribed for Registration of Partnerships Before: Businesses were facing uncertainty as registrations for partnership were made without following any timeframe and in majority cases it took more time than necessary.
After: The partnership registration process has been made time bound, now the registration is required to be done within the stipulated time.
|Department||Industries, Commerce & Investment Department, Punjab.|
|Date of Implementation|
|Details||Difficulty||● There was no requirement in the law to complete the registration of the partnerships within a stipulated time frame.
● The absence of timelines caused unwarranted delays in the registration and commencement of the businesses.
|Analysis||● It was agreed that there should be timelines within which a partnership business should be registered from the date of filling application for registration.|
|Solution||● Accordingly, the partnership registration process is made time bound.|
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