A Partnership is a business owned and run by two or more people. The partners can share the profits in various different ways, which may include “salaries” or other adjustments. All partners are responsible for the debts and contracts of the business, and are personally liable if the business gets into financial difficulties. As with Sole Traders, from a legal perspective there is very little in the difference between the business and the partners.
Partnerships can be a great way to operate if you are looking for a simplistic way of going into business with one or more people. It is commonly used for “husband and wife” type of businesses. The structure can be also be advantageous if there are multiple partners, as adding and removing partners and their share of ownership of the business is very simple to do. This is a key advantage over a Limited Company.
Thompson Reid assists clients with all of the accounting and tax requirements of Partnerships. We can also help you set up your Partnership and ensure you are operating in the most tax efficient way from the outset.
Our Services for Partnerships
Why Partnerships LOVE Thompson Reid
Operating through a Partnership has many advantages, but it does come with a few drawbacks too. Thompson Reid is happy to run through the various pros and cons of the Partnership, to ensure the business structure is correct from the offset.
We monitor our Partnership clients to ensure they are operating as tax efficiently as possible. We look to make recommendations to improve your business including tax efficiency suggestions, advice on how to keep better records or just general business advice regarding all sorts of matters.
We are experts in accounting and tax, so you don’t have to be!
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