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PARTNERSHIPS

partnerships

PARTNERSHIPS

SOLE TRADERS

LLPs

LIMITED COMPANIES

PARTNERSHIPS

SOLE TRADERS

LIMITED COMPANIES

LLPs

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Partnerships are businesses owned and controlled by more than one person.

In a partnership each partner is taxed as a self employed individual, similar to a sole trader, and has to submit a self assessment tax return.  Each partner is responsible for paying tax and national insurance on their share of the profits.

Partnership Tax - Although not taxable in its own right the partnership must also submit a partnership tax return. This will show the profits and adjustments to give taxable profits which are then shared amongst the partners.

Partnership Agreement - There is no requirement in law to have a partnership agreement however it is strongly recommended that such an agreement is drawn up.  Partnership law is old and the default position in the absence of a partnership agreement can be unexpected.

Partnership accounts - are simpler than those of a limited company and a partnership does not have to make financial information available at Companies House.

      Features:

  • A Partnership is a simple structure to set up
  • Partnerships are not subject to the swathe of rules that companies are subject to
  • Partners are jointly and severally liable for partnership debts
  • Partnerships can be difficult to sell as the business itself has no legal status

If you are a Partnership looking for help and advice please contact us.

Registered to carry out audit work by the Association of Chartered Certified Accountants - auditregister.org.uk 8011438

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