Here are the structural features of Association of Persons (AOP) in Pakistan:

Definition and Purpose

1. Collective entity, not a company.
2. Formed for specific business or social purposes.
3. No separate legal entity.

Key Components

1. Members: Minimum 2 individuals, organizations, or entities.
2. Registered Office: Located in Pakistan.
3. Board of Directors: Optional, for management and decision-making.
4. Articles of Association: Governing document outlining objectives, powers, and responsibilities.

Ownership and Liability

1. Collective Ownership: Members share ownership and responsibility.
2. Limited Liability: Members’ personal assets protected.
3. No Personal Liability: Members not personally liable for AOP’s debts.

Management and Decision-Making

1. Joint Decision-Making: Collective decision-making fosters collaboration.
2. Majority Voting: Decisions made by majority vote.
3. Meetings and Resolutions: AOP must hold meetings and pass resolutions.

Financial Structure

1. Shared Financial Responsibility: Members share financial risks and rewards.
2. Accounting and Auditing: Annual audits and financial statements.
3. Budgeting and Planning: AOP can create budgets and plans.

Registration Requirements

1. Registration with FBR: Within 30 days of formation.
2. Obtain NTN and STRN: Within 30 days of registration.
3. Compliance with Tax Laws: AOP must comply with tax laws and regulations.

Benefits

1. Flexibility in management and decision-making.
2. Reduced tax liability.
3. Enhanced credibility and reputation.
4. Protection of personal assets.

Limitations

1. No separate legal entity.
2. Limited liability protection.
3. No power to enter into contracts.
4. No power to own property.

Consult a lawyer or tax professional to ensure compliance with regulations.