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PARTNERSHIP

What is a Partnership?

A Partnership is where two or more people form a business together and all business partners share responsibility for the business. The profits made are split between each partner and they are individually responsible to pay their share of tax. Partnerships can also be structured as LLP’s (Limited Liability Partnerships).

Advantages

 The more partners the higher profits possibility and the easier to financially fund the business.

A Partnership allows a business’s tasks/responsibilities to be assigned to each partner depending on their skills, which takes the stress off just one person.
Solving business problems and making decisions can be made easier as you get a selection of opinions/ideas.

Disdvantages

The possibility of disagreements/not being able to come to an agreement on how the business is run.

Taxation laws say that all partners must pay their own tax, just like a Sole Trader would. Also if a Partnership obtains a certain level of profits, the partners may pay more tax than they would in a Limited Company.

How Teign Accountancy Services Can Help You

If you require support or information on how your business should be structured, we can assist you. For all these types of business we also offer many services including Annual Accounts, Companies House filing, Tax Returns, VAT Returns, Payroll and many more.