Partnerships

Partnership is a business owned by two or more people.

Chartered Accountants

Accountants Brighton

A partnership carries an unlimited liability. It is most advisable to have a formal agreement which states how much capital each partner has to contributed, how profits and losses will be split and other terms and conditions of the running of the business. This is referred to as the deed of partnership or in simple terms, the partnership agreement. Partners who provide capital but do not get involved in the day to day running of the partnership business are quite often referred to as sleeping partners. Professionals in the service industry generally form business partnerships to pool together their experience and expertise.

Partnership advantages, to name but a few:

  • The principal advantage over being a sole trader is the benefit of shared responsibility. It allows partners to specialize in their various fields and focus on the different faculties of their profession
  • More people equates to more resources in the form of time, skill, capital and also facilitates the taking of holidays without a loss of revenue.

tax accountants london tax advisers

  • It allows the administration and running of the partnership to be split between partners according to their specialisms ie human resources, finance, public relations, marketing and more
  • Enables consulting over of difficult business decisions without the loss of business privacy

Partnership disadvantages, to name but a few:

  • The risk of an unlimited liability to settle business debts
  • The joint and several liability, meaning, one partner may be held to account for the actions of another partner
  • Discontent and disputes over the contribution that each partner makes or does not make to the partnership and how this may be reflected in the sharing of the partnership profits
  • Marrying of different and ever evolving personalities of partners without detriment to the business

Our expertise in Partnership Tax and Accountancy service can be provided as an individual service or may be combined with other tax advice and accountancy services that Brighton Accountant offer as your appointed Accountants and Tax Advisers.

For well over 20+ years Brighton Accountant have served as Partnership Accountants and Tax Advisers. We cover London to Brighton, Chichester, Eastbourne, Hastings, Hove, Lewes, Worthing and most of East Sussex and West Sussex. We also service most of Greater London and Central London.

Call us for an immediate appointment for Partnership Tax and Accountancy advice and help or any tax advice and accountancy related advice.

Contacts Accountants Hove, London, Brighton

                 

Accountants in Brighton
86-88 Old London Road
Patcham, Brighton
East Sussex BN1 8XQ
0800 160 1400
info@brighton-accountant.com
http://www.brighton-accountant.com

  • Share on Tumblr

Comments are closed.