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House of Accountancy Ltd
House of Accountancy Ltd
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    • Home
    • Who we help
      • Who we help
      • Start ups
      • Sole traders
      • SIC Contractor
      • Limited Companies
      • Partnership
      • Land lords
    • We work on
      • We work on
      • Self Assessment Tax Retur
      • Corporation Tax Return
      • Capital Gain Tax
      • VAT Return
      • Year End Accounts
      • Payroll & Pension
      • Tax Investigation
      • Bookkeeping
      • Business plan & cash pro
      • Tax Saving
    • About us
  • Home
  • Who we help
    • Who we help
    • Start ups
    • Sole traders
    • SIC Contractor
    • Limited Companies
    • Partnership
    • Land lords
  • We work on
    • We work on
    • Self Assessment Tax Retur
    • Corporation Tax Return
    • Capital Gain Tax
    • VAT Return
    • Year End Accounts
    • Payroll & Pension
    • Tax Investigation
    • Bookkeeping
    • Business plan & cash pro
    • Tax Saving
  • About us

Partnership

A business run as a partnership shares control, responsibility and finances between two or more people. The partners are not only responsible for managing the business, but also "jointly and severally" liable for any debts incurred by the business and the profits are shared between the partners based on pre-agreed percentages.

Below are just a few examples of the advantages and disadvantages of running a business as a partnership.


Business Partnership Advantages: 


  • Business partnerships are relatively easy to establish; make sure time is taken to draft a partnership agreement to avoid future problems.
  • With more than one owner, it may be easier to borrow money and raise capital to invest in the business.
  • The business can benefit by using the knowledge base and experience of all of the partners.

Business Partnership Disadvantages:


  • Business partners are liable for the actions of the other partners.
  • Business partners, like sole traders are liable for the actions of the business.
  • Since decisions are shared, disagreements can occur and therefore the decision making process can take longer.

Copyright © 2020 House of Accountancy Limited  - All Rights Reserved. 

House of Accountants is the trading name of House of Accountancy Limited 

Company Registration No. 11506077

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