If you are going into business with someone else then starting a Partnership is one way you could trade and is similar to the Sole Trader business model.
What’s included in our Partnership Services
• Free, easy to use bookkeeping software
• Ongoing support & advice throughout the year
• Dedicated account manager
• End of year accounts & partnership returns
• Personal tax returns for up to 2 partners
Things to consider when starting a Partnership
There are a couple of things to consider when starting up a Partnership. Firstly each partner has joint liability for the debts of the Partnership. So if one partner cannot pay their share of any debts, the debt will fall on the other partners.With a Partnership you do not receive the same protection of liability as you would if you were operating through a Limited Company.
If you would like to discuss starting a Partnership or if a Limited Company might be a better option for you than a Partnership then please give us a call now.