Accountants for partnerships

In a business partnership, all the partners share personal responsibility for the business, which includes:

Any losses the business makes

Bills for business purchases, such as stock or equipment

This is different from a limited company or a limited liability partnership (LLP) where directors or partners have a very limited personal exposure if the business cannot pay what it owes.

Partners share any profits and each partner pays tax on their share of the profits.

To set up a business partnership, you need to choose a name, choose a ‘nominated partner’ who will be responsible for managing the partnership’s tax returns and keeping business records and then registering with HM Revenue and Customs (HMRC).

Contact the Sence team for chat and to book a free initial meeting to talk about your business partnership and accounts.

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Mr KMCNovember 2019

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