How Not to Get Stuck With a Bad Business Partner
You may not want to be on your own and decide to set up in business with someone else without having the added expense of a Limited company. A simple, straight forward ordinary business partnership is still an excellent way of getting that business started.
You must be aware that in a business partnership, you and your business partner (or partners) personally share responsibility for your business. You’re still personally responsible for any losses your business makes and bills for your business expenses, like stock or equipment.
If you do not want to be personally responsible for business losses you could set up a Limited Liability Partnership.
With the added responsibility that each partner has for all the liabilities of the partnership it is even more important that you manage the finances of the business well.
At Southgates, we will assist the partners to make sure their business is run correctly and in the most tax efficient manner. We can help you with:
- Setting up your partnership
- Preparing your accounts
- Maintaining your books and records
- Completing and filing Partnership and Self Assessment Tax Returns each year
- Managing the PAYE and VAT
- Advice on tax planning
- Advice on business growth and cash flow
As a partnership you can share all your business’ profits between the partners. Each partner pays tax on their share of the profits and we will complete each of the partners’ individual Self Assessment Tax Returns.
We are more than aware that all businesses are different and each have individual needs so for further information on Southgates partnership service and to benefit from a free initial meeting please contact us.