& Co Accountants Ltd
Registration No. 8470501 Registered in England & Wales
of Institute of Financial Accountants
Studio 3, Longsight Business Park, Hamilton Road, Manchester, M13 0PD
Tel: 0161 224 3510
Fax: 0161 738 1278
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A business partnership shares overall control and management
responsibilities between 2 or more persons.
The partner or partners would take on full liability for any debts incurred
by the business and all profits would be shared as per agreement. Ordinary
partners also take on equal responsibility and decision-making in the day to
day running of the business. There are advantages and disadvantages to entering
into a business partnership.
Business partnerships are easy to establish if you take a practical and professional
approach in drafting partnership agreements this will avoid any future
disagreement and problems between the partners.
With more than one
partner and owner the ability to raise funds and resources may be
Due to more than one
owner the business can benefit using the resources, knowledge and experience of the
business partners and help in managing the growth of business.
Partners in business are
jointly and individually liable for the actions of the other partners.
All partners in business are 100% liable for the any actions of the business.
Profits must be shared between all partners as per their respective shares.
As all actions and
decisions are shared therefore disagreements can arise in that case the
decision making process may be longer again it depends upon the basic
agreements between the partners.
Some employee benefits are not deductible from business income on tax returns.
We are here to HELP
Is a partnership suitable for your situation?
We are always happy to
discuss your current and potential business situation. Whether you are
venturing into a new business partnership, or you are already established, we
can help you in all financial aspects of your business.
Take advantage of
our expert knowledge and allow us to guide you through the potential pitfalls
of a business partnership.
A good accountant is always a valuable asset
to any business so make sure you don't delay and contact us today on 0161 224 3510 or complete our enquiry form and we will get back to you as soon as possible.