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PARTNERSHIPS - 6

A partnership is a relationship which subsists between two or more individuals, who carry on business with a common view to profit. Many sole traders later become partnerships.

 

The main types of partnerships in the UK are:

 

1. General

2. Limited

3. Dormant

 

The main advantages of a partnership are pool of resources, motivation, better decision making, specialization, and continuity. The main disadvantages of partnership are unlimited liability, also reductions in profit and flexibility.

 

The main likely to be encountered by partnerships are:

 

1. Partnership Deed or Agreements

2. Partners joining and leaving

3. Bookkeeping and account preparation

4. Tax returns, VAT and PAYE records

5. Employment and terms of trade contracts

6. Professional and Employers Liability Insurance

7. Insolvency and Liquidations

 

We provide our services to any partnerships or individual partners, who need guidance in their affairs.

  Partnerships