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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    “Sence Accounting came highly recommended to us and have proved why they have such a good reputation. Anna and the team have always been very helpful and guided us through anything we were not sure of. Amy comes to our office to carry out bookkeeping duties and is always professional and fits in well with our team. I would recommend Sence every time.”

    Mr KMCNovember 2019

    “My business has changed considerably since joining Sence, during this period they have guided and supported us throughout this growth, critically advising us as our needs have changed. From tax planning, variance analysis and external payroll services there is a wealth of advice and support that we have used and will continue to draw upon.
    We can't fault the professionalism and personal touch that Sence provides a business like ours and can highly recommend them to any business no matter how big or small they are.”

    Mr XAugust 2019

    "One of the biggest positives for me about working with Sence is that I can trust them to do what’s right for me. I’m only a small business but they have my best interests at heart, nothing is too much trouble & there are no silly questions. I know that my accounts & self-assessment tax return will be filed in plenty of time. It is very clear that Anna & her team have a passion for helping businesses all shapes & sizes."

    Mrs LVMay 2020