A partnership is when two or more sole traders come together to own assets, to trade and to share in the benefits on an agreed percentage basis.
A partnership agreement will govern the way the assets are owned and the way decisions are made. Getting this agreement right is very important.
Unlike companies, partnerships are not separate legal entities in themselves and limited liability (up until relatively recently) was not available. The UK introduced Limited Liability Partnerships (LLP's) in 2001.
Partnership accounts will be required for tax purposes as well as being used for decision making and management purposes. Accounts will also be needed for dealings with external bodies such as banks, government grant providers, etc.
At McCambridge Duffy we have the team to offer the best advice on the structure you need and to identify when and how to switch to a corporate structure, an LLP or to introduce new business partners. Our tax, company law and insolvency skills all combine to ensure that we not only can we provide the ongoing accounts and bookkeeping services but we also can anticipate and manage any changes in the business structure.
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