Partnership

A Partnership is a business owned and run by two or more people, with the partners sharing the profits according to the percentage they own. All partners are responsible for the debts and contracts of the business, and are personally liable if the business does get into financial difficulties.

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. The structure can also be beneficial if there are many partners, as adding and removing partners and their share of ownership of the businesses is very straight forward to do. This is one reason business owners prefer to trade as a Partnership over a Limited Company.

Petra Accounting can help with all of the accounting and tax requirements of Partnerships for a low cost monthly fee. We can also help you set up your Partnership and ensure that you are operating in the most tax efficient way from the outset.

Depending on your business size and what support on you require will depend on price.

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