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 Help your Business:

As well as the normal Annual Accounts and Tax work for your Partnership, we will also assess and review each and every year, the benefits of you staying as a Partnership. Within this Annual Review we will discuss with you all other alternative options available for your Business, so you can choose the best option for you.

Please Contact Us if you need further advice, have any questions about our services, or would like a Free No-obligation Initial Consultation.