Association of Persons

As per income tax law of Pakistan “association of persons” includes a firm, a Hindu undivided family, any artificial juridical person and anybody of persons formed under a foreign law, but does not include a company.

“firm” means the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

Please note that a partnership formed with SECP as Limited Liability Partnership (LLP) will not be Association of Persons as per income tax law, it will be treated as company.