Partnership – A form similar to self-employed, but as the name suggests the partnership is owned by at least two partners sharing the profits or losses generated by the business.
In a partnership, you and your partner(s) personally share responsibility for your business. This includes:
- any losses incurred by the business
- bills for things purchased for the business, such as stock or equipment,
- the partners share the profits of the business and each pays tax on their share.
A partner does not have to be an individual. For example, a limited company is considered a ‘legal entity’ and can also be a partner. Our accountancy office offers a comprehensive service for partnerships.
For more information call 0203 4902 919 or 07716161381
