Partnerships and how
we can help

Whether you are going into a new partnership or are already established. At Tax Affinity Accountants, we have dedicated accountants who can help your partnership business with all of your tax and accountancy needs. Including Limited Liability Partnerships (LLP's).

A business run as a partnership shares control, responsibility and finances between 2 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.

How we can help

Starting a business partnership can be a big leap. And at Tax Affinity Accountants we can help you make the most of your venture and take the stress out of running your business. Our range of advice and services cover all aspects of a business partnership, we can help with:

✓ Year End Accounts
✓ Bookkeeping
✓ Payroll
✓ VAT Returns