BUSINESS

LAW
Business
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• WHAT IS LAW?

• MEANING?

• DEFINITION?

• PURPOSE?

• ROLE?
WHY STUDY LAW
• Overwhelmed!...so different from studying accounts,
marketing, economics, IT or HR.

APPROACH:
• Learning relevant legal terminology
• Framework of particular area of law i.e. relevant legislation
• Application of daily life examples.

MISCONCEPTION:
• Studying law is dull….merely a matter of memorising and
reproducing
WHY STUDY LAW?
• Obvious! Course Requirement.
• Study of law improves powers of reasoning, clarity of
thought and the ability to analyze and express
complicated ideas.
• A greater appreciation of the workings of the system and
the parts that ensure it’s functioning.
• Law forms the foundation on which any civilized society
is based. Nature has its own laws. So does society.
• Law effects all aspects of life and society and is the
mechanism for change employed by governments across
the globe.From the protection of life and liberty, through
corporate law to international relations, the law is the
central stage.
 WHY STUDY LAW?
Contd.

Law is of interest to all persons, not just to lawyers. Those entering the
world of business will find themselves subject to numerous laws and
government regulations. A basic knowledge of these laws and regulations is
beneficial—if not essential—to anyone contemplating a successful career in
the business world of today.
CONTD….

• Legal education..not exclusively for entering into legal profession. Not to teach to
be lawyers BUT….
• Key legal topics
• How law works and effects business operations
• Will assist future business people with decision making, ethics
• Develop an awareness when legal advice is needed
• Importance foundation knowledge important…know how the law effects
business.
NOT:
• Think like a lawyer
• Adopt a critical legal analysis approach
VARIOUS MEANINGS AND
DEFINITIONS
• One view is that it is not capable of definition
• But this cannot be the answer nor solve the problem
• The confusion in defining law arises out of the different
purposes to be achieved e.g.:
• Law has been defined by various individuals from different
points of view
• Various schools of law define it from different angles:
- basis of nature
- on source
- terms of effect on society
- end or purpose of law
MEANINGS AND DEFINITIONS—
Contd.
A universal and uniform definition is difficult. The evolution
of society is of a dynamic nature and hence the difficulty in
accepting a definition by all. One reason in defining law is the
different types of purpose sought to be achieved:

HORSE to a zoologist, a traveller, polo player, for some

article of food etc.
DEFINITIONS---Contd.

There have been and will continue to be different definitions of law:

• ARISTOTLE (384-322 B.C.) ‘a pledge that citizens of a state will do justice to one
another’
• PLATO ( 427-347 B.C.) believed that law was a form of social control.
• SIR WILLIAM BLACKSTONE (1723-1780) ‘ a rule of civil conduct prescribed by
the supreme power in a state, commanding what is right, and prohibiting what
is wrong’
MEANINGS AND DEFINITIONS: Contd.
• Generally and the most commonly accepted definition is
“ A rule of action to which men are obliged to make their
conduct comfortable”
• “Law is the command of the sovereign. It imposes a duty
and is backed by a sanction. Command, duty and
sanction are three elements of law”
All these definitions vary but all are based on: law
consists of enforceable rules governing relationships
among individuals and between individuals and their
society.
LAW MAKING:PROCESS

LEGISLATION: The making of law. The act of enacting or

legislating laws.

• Bill----Proposal
• Committees of the House
• Approval by the Legislature
• Assent by the President.

Difference between Law and Ordinance

PURPOSE OF LAW
• Object of law is to maintain law and order in the country i.e.
police functions
• Another view ‘limit natural liberty’; Man is born free but is in
chains everywhere.
• Hindu view , purpose of law is the welfare of the people in the
world and also salvation after death.
• Muslim: ‘ the end of the law is to promote the welfare of man
both individually and socially, not merely in respect of life on
this earth but also life hereafter.
KINDS OF LAW
1. IMPERATIVE LAW. Imposed upon on men by some authority. Emphasis
on the will and physical force of the organized political community.
2. PHYSICAL OR SCIENTIFIC LAW . Laws of science e.g. law of gravity
3. NATURAL or MORAL LAW. Universal rules of governance. Principles of
natural justice. Divine Law.
4. CONVENTIONAL LAW. Rules or regulations of voluntary organizations
e.g. associations, clubs etc.
5. CUSTOMARY LAW. Customs, practices, traditions with historical
sanction and support e.g. jirga
6. TECHNICAL LAW. For efficient conduct of business e.g building laws,
laws of health
7. INTERNATIONAL LAW. Sum of laws and rules recognized by civilized
in their dealings with each other
8. CIVIL LAW. Municipal Law.
ADVANTAGES AND DISADANTAGES.

• Uniformity and certainty to the administration of justice.

• Avoids the dangers of arbitrary, biased and dishonest decisions.
• Fixed principles protect the administration of justice from the errors of
individual judgment
• More reliable than whims, wishes and desires.

1. Rigidity.
2. Conservative
3. Formalism
4. Complex.
JURISPRUDENCE
• Philosophy of law. Study and theory of law.
Different philosophies how law has developed:
Natural Law: The law is based on what is morally correct and
ethical.
Historical: The law consists of social traditions and customs.
Analytical: The law is shaped by logic
Sociological: The law provides a way to advance certain goals
in the best interests of society.
Command: The law is the set of rules created and enforced by
the governing party.
Critical Legal Studies: Legal rules are unnecessary and legal
disputes should be solved by using rules based on fairness.
Law and Economics: Promoting market efficiency should be
the key concern of the law.
JURISPRUDENCE...Contd.
Human Behaviour....dominating, historically,
chronogically:

Customs and Traditions: first laws created to govern

human behaviour. First law or practices set by man.
Passed down from generation to generation.

Imperialistic: imposed by men on men. To portray which

customs and practices were superior. What was right and
what was wrong kept changing with shift in power
dynamics. Natural need to dominate. A small strong
group controlled a large weak group e.g. Egyptian, Greek
empires
JURISPRUDENCE...Contd.

Religion: concept of justice and equality for all. Defined all matters of life
and the correct way of handling them. Laid authority to a supreme power
not known to man. Beginning of moral code. Basis for all civil and criminal
law. On which morals and international law stands today.
LEGAL HISTORY

HANDOUT
NATURE OF LAW

HANDOUT
PAKISTAN...LEGAL HISTORY

HANDOUT
COMMON LAW
• Before the Norman Conquest in 1066 each locality in
England was subject to local laws established by the local
ruling Lord or chieftain.
• William the Conqueror and his successors began to
replace the local laws with one uniform system of law.
• English Common Law was developed over centuries by
judges appointed by the monarch, who delivered their
opinions when deciding cases brought before court.
• The emphasis of law at that time was legal procedure
over the merit of case.
• Monetary compensation (damages) was the only remedy
available
COMMON LAW...Contd.
• To mitigate limited remedies available and unfair
judgments, under the authority of Lord Chancellor, Court
of Chancery (equity) were established.
• Appeals lay before these courts against the decisions of
Kings Courts.
• The Courts of Chancery would grant appropriate
remedy.
• These remedies were known as equitable
remedies...designed to deal with particular fact situations.
• Equitable remedies took precedence over the decisions of
the Kings Courts.
• In the 19th century a law passed by the Parliament merged
the two court systems.
ADMINISTRATION
OF JUSTICE
WHAT IS JUSTICE?
The quality of being just; propriety; correctness; justness;
rightfulness; vindication of right; merited reward or punishment
The act of rendering what is right and equitable towards one
who has suffered a wrong.

ADMINISTRATION OF JUSTICE can be defined as the

maintenance of rights within a political community by means of
the physical force of the state.
The origin and growth is identical with the origin and
growth of man. The social nature of man demands that he must
live in society.
Owes its origin to the transition from the natural to the civil
state in the substitution of the force of organized community for
the force of individuals , as the instrument of redress and
punishment of injuries.
Cont’d:

It has substituted the primitive practices of private vengeance. People

are now defended by the power of state through its courts of law

Both a narrower and a wider sense:

NARROW flows from the dictionary meaning; after its institution till
the pronouncement of judgment and execution of the decree, judgment
or order.

WIDER: include aspects connected with the administration of justice.

Divisible into administration of civil justice and administration of

criminal justice.
 Cont’d:
• The Code of Civil Procedure 1908 prescribes for proceeding in
civil cases.

• In two parts– Sections: contain the basic and fundamental

principles, can be amended only by the legislature. Schedules :
contain rules or procedures and can be amended by the high
court.

• The Code of Civil Procedure prescribes detail procedure

regarding filing of suite, pleading, proceedings, writing of
judgment and executing of decrees.

• The Code of Criminal Procedure, 1898 prescribes the criminal

procedure
 Cont’d:
• The Qanun-e-Shahadat Order 1984 prescribes the competency
of witnesses where examination, evidence and procedure for
presenting the same.

• The Special Courts follow the procedure prescribed in the

above codes (Code of Civil Procedure 1908 and The Code of
Criminal Procedure)

Differences between civil and criminal:

• Civil- - -enforcement of rights; Criminal- - -concerned with the

punishment for them.

• The difference between public and private wrongs

Cont’d:
• Distinction between civil wrongs and crimes relates to legal
consequences. Administered according to its own and separate
set of forms; in the legal consequences of acts

• Object of civil proceedings is to enforce rights and object of

criminal proceedings is to punish wrongs. But, sometimes civil
and criminal proceedings may have a similar result in some
cases.

PURPOSE: CRIMINAL JUSTICE;

1. Deterrent: Important--- make the law breaker an example for
others so that they think of the consequences before braking
the law,
Cont’d:
2. Preventive: to disable the offender from committing the same
offence again e.g. by imprisonment, etc.

3. Reformative: Identifying the crime with disease and treating

is such---cure and not criminals.

4. Retributive: Private vengeance no longer in the private sense

but the offender should be punished.
Cont’d:
PURPOSE: CIVIL JUSTICE enforces primary rights and
sanctioning rights.

Primary rights exist as such , do not have their source in

some wrong.

Sanctioning or remedial rights are those which come into

being after the violation of a primary right.

THERE IS NO BETTER TEST OF THE EXCELLENCE OF A

GOVERNMENT THAN THE EFFICIENCY OF ITS JUDICIAL
SYSTEM
ARRANGEMENT AND
INTERPERTATION OF ACTS (LAW)
PURPOSE:
Every Act (law) has a purpose for which it is enacted (made).
CHAPTERS AND SCHEDULES:
Every Act is divided in Chapters. Every Chapter deals with a
particular subject. Schedules are part of the Act; often containing
rules dealing detail a subject dealt summarily within the Act.
SECTIONS,SUB-SECTIONS, CLAUSES AND SUB-CLAUSES
Every Chapter has a subject. Each aspect of this subject is
dealt with in a separate section. Each section deals with a
particular topic. Its various aspects are then dealt in separate
sub-sections which is further divided into clauses and sub-
clauses
Cont’d.
DEFINITIONS:
Where and when a word is specifically defined it has a special
meaning otherwise it has ordinary dictionary meaning. A specific
meaning over rules the ordinary dictionary meaning
TWO TYPES:
1. EXCLUSIVE DEFINITION: Gives a precise meaning completely
replacing ordinary meaning. Excludes all other meanings. Begins
with the word ‘MEANS’
2. INCLUSIVE DEFINITION: Expansive definition. Begins with
‘INCLUDES’. Has both elements
PROVISO:
Normally varies the meaning or operation of a section, sub-section.
Makes an exception to the main provision
EXPLANATION:
Specifies the meaning of a word, term or phrase which is ordinarily
capable of signifying more than one meaning or interpretation
Cont’d.
• Law divided into PARTS and each deals with a particular
subject e.g. Part II Jurisdiction of Courts.
Part III SECP, Part IV Incorporation of Companies
• Sections
• Sub Sections
• DEFINITIONS: The word or a term specifically defined has a
special meaning assigned to it and replaces its ordinary
meeting. Otherwise have their ordinary dictionary meaning
e.g.
• Proceed in alphabetical order
• Section 2 (7) “Company” means a company formed and
registered under this Ordinance or an existing Company
 THE JUDICIAL SYSTEM OF
PAKISTAN
• On independence, the government of India Act 1935 was
retained as a provisional constitution

• The legal and judicial system of the British period continued

with modifications.

• The Lahore High Court and the Sindh Chief Court continued
to function.

• Similarly the courts of the Judicial Commissioner

in NWFP (KP) and Baluchistan.
 Cont’d
• A High Court was set up at Dhaka.

• A new Federal court of Pakistan was also established.

• A look at the hierarchy and system of courts in Pakistan.

• The powers, authority and jurisdiction of the federal and high

courts remained intact as prescribed under the Government of
India Act 1935.

• The constitutions of 1956, 1962 & 1973 did not drastically alter
the judicial structure or the powers
and jurisdiction of the superior courts.
 Cont’d
• Only, the Federal Court was renamed as the Supreme Court
by the 1956 constitution.

• The 1973 constitution upgraded the Chief Court of NWFP and

the Judicial Commission court of Pakistan into full fledged
High Courts.

FEATURES

• The constitution of Pakistan contains elaborate provisions for

the composition, jurisdiction,
powers and functions of the courts
 Cont’d
• The constitution provides for the “separation of judiciary from
the executive” and the “independence of judiciary”

• Qualifications, appointment, service conditions etc. of the

judges are also laid down in the constitution.

• The forum as procedure for the removal of judges of the

superior courts are also provided in the constitution..... The
Supreme Judicial Council.

• Courts are federal and provincial in nature.

 Cont’d
• System made up differing in levels of legal superiority

• System separated by jurisdiction

LITIGATION

The process of bringing, maintaining and defending a legal case

in court.
Superior Judiciary
• The constitution of Pakistan contains provisions on the composition,
jurisdiction, functions.

• Constitution provides for separation of judiciary from the executive,

independence of judiciary and the obligation to preserve, protect and
defend the Constitution

• Qualification of Judges, appointment, service conditions etc.

• The forum and procedure for the removal of judges.

• In the famous case of Al-Jehad Trust The Supreme Court clarified the
procedure and qualification for appointment of judges to the
Supreme and High Courts and their Chief Justices
 Cont’d
• The Chief Justice recommended a panel to the President who
would select from the said panel a suitable judge.

• For appointment in the High Courts, the respective Chief

Justices would forward a panel to the President through the
Governor of the Province and Chief Justice of Pakistan.

• The recommendation of the Chief Justice was binding on the

President, except for sound reasons to be recorded by the
President.

• This procedure has been changed by the Constitution 18th and

19th (Amendments) Acts 2010.
 Cont’d
• Now Judges of the Supreme Court are appointed through a
Judicial Commission:
 Chief Justice of Pakistan as Chairman
 Four Senior most Judges of the Supreme Court
 One Former Chief Justice of the Supreme Court
(nominated by the Chairman in consultation with the
four member judges for a period of two years)
 The Attorney General of Pakistan
 Federal Law Minister
 A senior Advocate, of the Supreme Court
nominated by the Pakistan Bar Council.
 Cont’d
• The name recommended goes to an 8 member
PARLIAMENTARY COMMITTEE – equal representation of
Government and Opposition as well as National Assembly and
Senate.

• The Committee has two weeks to consider the nomination.

• If approved the name is forwarded to the President and Prime

Minster for appointment.

• The Parliamentary Committee, for reasons to

be recorded, may not confirm the
recommendation by three-fourth majority.
 Cont’d
• This decision is sent back to the Judicial Commission through
the Prime Minister and the Commission sends another
nomination.

• The President has to appoint the senior most judge of the

Supreme Court as the Chief Justice of Pakistan.

• For the appointment of Chief Justice and Judges of The Federal

Shariat Court the Chief Justice and most senior judge of the
said Court are added to the composition of the Judicial
Commission.

• For appointment of the Chief Justice the most

senior judge is excluded.
 Cont’d
• For appointment of Chief Justice and Judges of High Courts:
The Chief Justice and senior most judge of their respective
High Court
Provincial Minister for Law
Nominee of the Provincial Bar Council (Advocate of High
Court of fifteen years standing)
For appointment of Chief Justice the senior most judge is
excluded.

Appointed by the President through nominations

by Judicial Commission and confirmation by the Parliamentary
Committee
Accountability
• Procedure prescribed in the Constitution– Supreme Judicial
Council:
• Chief Justice of Pakistan as chairman
• Two most senior judges of the Supreme Court
• Two most Senior Chief Justices of High Court
• Registrar Supreme Court as Secretary

• Supreme Judicial Council either on reference from the President or

suo moto investigates the matter and presents its finding to the
President.

• The President may order removal of such a judge.

• Removal has to be on specified grounds and subject to prescribed

procedure.
 Supreme Court
• Apex court. Original, appellate and advisory jurisdiction.
• Court of ultimate appeal, final arbiter of the law and the
constitution
• Decision binding on all other courts.
• Original jurisdiction in inter-governmental disputes– between
federal and provincial government or among provincial
governments
• Original jurisdiction for enforcement of fundamental rights
• Advisory jurisdiction in giving opinion to the government on a
question of law.
Supreme Court
• Appellate jurisdiction against judgments of Federal Shariat
Court, Service Tribunals and some special courts.
• Principal seat at Islamabad and four branch registries at each
provincial capital.
• Advisory jurisdiction in giving opinion to the government on a
question of law.
• Appellate jurisdiction against judgments of Federal Shariat
Court, Service Tribunals and some special courts.
• Principal seat at Islamabad and four branch
registries at each provincial capital.
Supreme Court
• Court consists of the Chief Justice and 16 judges (number
determined by law)
• Provision for appointment of acting and ad hoc judges.
• Five years experience as a judge of a High Court or fifteen
years standing as advocate of a High Court (eligible to be
appointed as judge of Supreme Court).
High Courts
• One in each province and one for Islamabad Capital Territory

• A Chief Justice and other judges in each court:

• Lahore High Court strength fixed at 60
• Sindh High Court—40
• Peshawar High Court---20
• Baluchistan High Court- --11
• Islamabad ---11

• Ten years experience as advocate of High court or ten years

service as a civil servant including three years as district judge
or ten years in a judicial office.
High Courts
• Appointed by the Judicial Commission.
• A judge cannot be transferred without his consent and
consultation by the President with the Chief Justices of
Supreme Court and High Court.
• Original jurisdiction in enforcement of Fundamental Rights.
• Appellate jurisdiction in judgment /orders of sub-ordinate
courts, both in criminal and civil matters.
• Supervises and controls all the courts
subordinate to it.
Federal Shariat Court
• Established in 1980 through a Presidential Order.

• Created as an Islamisation measure and protected under the 8 th

Amendment.

• Comprises of eight judges out of which three are required to be

Ulema well versed in Islamic Law.

• Hold office for three years which may be extended by the

President.

• Procedure for appointment through the Judicial Commission.

Federal Shariat Court
• On its own or through a petition by a citizen or government
( Federal or Provincial), may examine and determine as to
whether or not a certain provision of law is repugnant to the
junctions of Islam.
• Appeal against its decisions lie to the Shariat Appellate Bench
of the Supreme Court.
• The Bench consists of three Muslim judges of the supreme
court and not more than 2 Ulama appointed by the President.
• If a certain provision is declared to be repugnant, the
government to amend the law in conformity with the
injunctions of Islam.
Federal Shariat Court
• Appellate and revision jurisdiction over the criminal courts,
deciding Hudood cases.
• Decisions binding on high courts and subordinate judiciary.
• Difference of opinion:
 Duplicates the functions of the existing superior courts
 Mode of appointment and tenure
 Meet the criteria for the independence of judiciary
 Not immune from influences of executives.

• Protection of Women (Criminal Laws Amendment)

Act 2006, considerably curtailed its jurisdiction.
 Subordinate Courts
The subordinate judiciary broadly divided into

1. Civil Courts( established under the West Pakistan Civil

Courts Ordinance 1962)

2. Criminal Courts ( created under Criminal Procedure Code

1898)

• Judges of Civil and Criminal courts are appointed by

Provincial Governments and regulate their terms and
condition of service .

• The High court exercises administrative controls over courts.

 Subordinate Courts
• Civil Courts consist of District Judge, Additional District judge,
Senior Civil Judge and Civil Judge Class I, II, III.

• Appeal against the decisions of the civil judge lies to the

district judge and high court--- depending upon the value of
suit.

• Criminal courts comprises : Session Judge, Additional Session

Judge and Judicial Magistrate Class I, II,III.

• Appeals against criminal courts lie to session

judge or high court depending upon the
quantum of penalty
 Subordinate Courts
Appointment and Recruitment
1. Civil Judge-cum-Judicial Magistrate--- initial recruitment through
Public Service Commission with the active involvement of the
High Court.
2. A competitive examination– written test and a viva voce.
3. Promotion—by a committee of the judges of the high court.
4. Additional District and Session Judge --- quota fixed for service
personal as well as induction from the Bar
5. District and sessions judge--- Promotion on basis
of seniority –cum-fitness from among the
serving judicial officers.
 Subordinate Courts
6. High Court exercises both administrative as well as judicial
supervision.
7. Administrative--- Disciplinary proceedings may be initiated
against the judicial officer by the High Court.
8. Judicial Control– Revisions and Appeals filed in High Court
against the orders and decisions of subordinate courts.
9. Supervisory--- Through inspections and calling of records.
10. The judicial officers have right of approaching the Provincial
Judicial Service Tribunal (headed by the judges of the
High Court) for redress of their grievances.
11. Appeal against their decisions lies to the Supreme Court.
 Tribunals and Other Courts
• Created under Special Laws and enactments.

• Tribunals provide a specialized forum requiring application or

expertise.

• Jurisdiction, powers and functions specified in the laws

creating them.

• The constitution authorizes the Parliament to establish

administrative courts and tribunals for dealing with federal
subjects.

• Many created which operate under the administrative control

of the Federal Government.
 Tribunals and Other Courts
• Tribunals are less expensive to run than courts.

• Waiting period for a hearing before a tribunal is generally

shorter than for a court hearing.

• Decisions of tribunals receive relatively less publicity.

• Generally people are less aware of the decisions of the tribunal.

• Procedure is more informal and flexible than court procedure.

 Tribunal and Other Courts
• Such Courts/Tribunals include :

– Special Courts ( control of narcotic substances)

– Banking courts ( recovery loans)
– Special courts (Offences in banks)
– Special courts (customs, taxation and anti-smuggling)
– Income Tax Appellate Tribunal
– Environment Appellate Tribunal
– Insurance Appellate Tribunal
– Customs
– Excise and Sales tax
– Special Judges
– Drug courts
– Anti-terrorism Courts
– Accountability courts
 Tribunal and Other Courts
• Provincial Governments have their own Special Courts/
Tribunals
• Appeals or revision against such courts lie before the superior
judiciary (High Court and/or Supreme Court)
• Provincial Governments have their own special courts/
Tribunals:
• Labour Courts
• Consumer Protection Courts
• Anti-Terrorism Courts
• Anti- Corruption Courts.
• Appeals or revision against such courts lie before the superior
judiciary (High Court and/or Supreme Court)
 Tribunal and Other Courts
Service Tribunals

• Exclusive jurisdiction relating to terms and conditions of

service of civil servants under the constitution.

• At Provincial and Central level.

• Its members appointed by the respective governments.

• Appeal lies to the Supreme Court

STARTING A BUSINESS
STARTING A BUSINESS
Purpose in starting business is to be successful.
Every business venture contains certain inherent risks,
and any number of alternatives. Before starting the
first thing to consider the legal form operating under
because has a number of advantages and
disadvantages e.g.
COMPANY: has a higher tax rates, stricter laws,
elaborate accounting procedures, legality, forms,
statements etc.
PARTNERSHIP require registration of business
STARTING A BUSINESS—Cont’d.

Successful business is a tight hold on expenditures;

anything that does not make money, protects investment
should not be ventured to especially in the beginning. The
most important element of eventual success will be the
soundness of planning before starting business. Success
takes planning and planning involves and includes an
understanding and grasp of Business Laws
STARTING A BUSINESS
ENTREPRENEUR: One who initiates and assumes the
financial risks of a new enterprise and undertakes to
provide or control its management.
Question before entrepreneur what form of
business organisation choose for his business
endeavour:
OPTIONS:
1. Sole Proprietorship
2. A Partnership
3. Limited Liability Partnership
4. A Corporation (Limited Company)
SOLE PROPRIETORSHIP
• Simplest form
• Owner is the business
• Business without creating a separate business organization
ADVANTAGES:
1. Proprietor receives all the of the profits (all risks
assumed)
2. Easier, less costly than to start any other kind of business
3. Entails more flexibility compared to other organizations
4. Free to make any decision concerning the business
5. Pays only personal income tax (relatively less)
SOLE PROPRIETORSHIP
DISADVANTAGES:
1. Alone bears losses or liabilities incurred by the business
2. Unlimited liability or legal responsibility for business
obligations incurred
3. Opportunity to raise capital is limited mostly to personal
funds
4. Lack of continuity upon death of proprietor. Automatically
dissolved
5. If transferred to family members new proprietorship created
BUSINESS LAW IN PAKISTAN
• Legal form under which operating
• Main forms of business organizations by PRIVATE sector
in Pakistan:
• Sole Proprietorship
• Partnership
• Limited Liability Company
• Joint venture: Created in contemplation of a limited
activity or a single activity.
• PUBLIC SECTOR. Where the Government undertakes an
enterprise either a statutory corporation or limited
company.
• For medium and large scale business in Pakistan limited
company is the preferred form.