Section 5 — Incorporation document

(1) For a limited liability partnership to be registered,—
(a) two or more persons associated for carrying on a lawful business with a view to profit shall have subscribed their names to an incorporation document containing such particulars as provided in sub-section (2);
(b) it shall have a registered office to which all communications, notices and other documents may be addressed and served by registered post or by courier, or by leaving it at its registered office or by any other mode as may be prescribed by the Commission through regulations:

Provided that a limited liability partnership may change the place of its registered office and where there is any change in the registered office of the limited liability partnership, notice must be delivered to the Registrar within fifteen days of such change in such a manner as may be prescribed by the Commission through regulations and any such change shall only take effect upon serving such notice;

(c) the incorporation document shall be filed in such manner and with such fees, as may be prescribed by the Commission through regulations; and
(d) there shall be filed a statement, in the form prescribed by the Commission through regulations, made by either an advocate or a member of the Institute of Chartered Accountants or the Institute of Cost and Management Accountants, who is engaged in formation of the limited liability partnership or by anyone who has subscribed his name to the incorporation document, that all the requirements of this Act and the rules and regulations made there under have been complied with, in respect of registration and matters precedent and incidental thereto.

(2) The incorporation document shall,—
(a) be in a form as may be prescribed by the Commission through regulations;
(b) state the name of the limited liability partnership;
(c) state general nature of its main business and any other incidental or ancillary object thereto, which it proposes to carry on as a limited liability partnership;
(d) state the province or the part of the Pakistan not forming part of a province, as the case may be in which the registered office is to be situated;
(e) state the name and residential address of each of the persons who are to be partners of the limited liability partnership on incorporation;
(f) either specify which of those persons are to be designated partners or state that every person who from time to time is a partner of the limited liability partnership is a designated partner on incorporation;
(g) state that the liability of its partners shall be limited; and
(h) contain such other information concerning the proposed limited liability partnership as may be prescribed by the Commission through regulations.

(3) A person, who makes a statement or provides any information under sub-section (1) and sub-section (2) which he,—
(a) knows to be false; or
(b) does not believe to be true,

commits an offence for which he shall be punishable with imprisonment for a term which may extend to two years and with fine which may extend to one million rupees.