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

Structural Features

1. Collective Ownership: AOP is a collective entity, not a company.
2. Limited Liability: Members’ personal assets are protected.
3. Flexibility: AOP can be structured to suit specific business needs.
4. Scalability: AOP can easily expand or contract membership.

Decision-Making

1. Joint Decision-Making: Collective decision-making fosters collaboration.
2. Majority Voting: Decisions made by majority vote.
3. Board of Directors: AOP can have a board of directors for management.

Financial Management

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.

Operational Requirements

1. Registered Office: AOP must have a registered office in Pakistan.
2. Business Activity: AOP must engage in a legitimate business activity.
3. Compliance with Laws: AOP must comply with tax laws, labor laws, and other regulations.

Management and Administration

1. Meetings and Resolutions: AOP must hold meetings and pass resolutions.
2. Record-Keeping: AOP must maintain accurate records.
3. Membership: AOP can have members with varying levels of involvement.

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.

Registration Requirements

1. Minimum 2 members.
2. Registered office in Pakistan.
3. Legitimate business activity.
4. Compliance with tax laws and regulations.

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