The advantages of being in a partnership include its ease of set up and running and the range of skills and experience that the partners can bring to the business. On the other hand, problems can occur when there are disagreements between partners. There is unlimited liability and all partners are each personally responsible for all of the debts that the business runs up. Again there is the prospect of paying more tax on high profits than if you have a company.
We are here to support you. We can advise you on the best structure for your business and provide the accounting services required for that structure.
If you would like to know more about partnerships or would like to arrange a free initial meeting to discuss in more detail how we can help you, please contact us.
Take a look at the Business Advisory Guides in our Resources section, in particular Your Business Structure.