CBL MID assignment
Group name and roll #
Umar Farooq BBHM-F19-255
Shahbaz Malik BBHM-F19-261
Abdullah Siddique BBHM-F19-263
Business
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or
professional activities.
We are running a school here.
Types
1- Product selling business
2- Service providing business
Our type
We are providing service through our business
Types on structure



Sole Proprietorship. A sole proprietorship is a business owned by only one person. ...
Partnership. A partnership is owned by two or more persons who contribute capital to conduct
business.
Corporation.
Our type
We are running a partnership business
Partnership types
1-Partnership at Will
2-Perticular partnership
Our type
We are performing at will partnership
Our Types of partners
All three partners are active partners
Partnership deed
Discipline school system
We are providing quality education to students
Shahbaz Malik- House# 151 extenstion B Shadab colony ferozepur road Lahore
Abdullah Siddique - House Number 78 B block pakarab housing scheem lahore
Umer Farooq - ward # 6 faisal colony near Ayesha mosque tehsil Shah Qoute Distric Nenkana sahib
Lahore ( Model Town )
Every partner is investing 500,000 PKR
There is no duration limit of this partnership
Every partner is sharing 33.33% of profit and loss
There is no rate of interest on capital
There is no rate of return on advance
There is an exit clause for every partner if they pay 500,000 PKR
Every partner must provide equal amount of service so there is no commission paid on services
The firm will be dissolved by mutual agreement when all 3 partners are agreed
All partners must handle all rights and duties and liabilities of the firm weekly.
ACCOUNTING period is yearly. March to March
No more partners can be added. On retirement 20% of the firm’s holdings will be given to the partner
and on death 10% will be given to his family. The remaining will be divided into other partners.
Any partner can retire if he becomes 60+ or by paying his exit clause
Any dispute should be solved through court and legal proceedings
The partner will be expulsed if he is not performing his weekly duties.
Every account record should be hold by the accounts department
There are no restrictions.