Whether you are staring a new partnership or already have an established one, Our in-house Bookkeeper and Accountant can assist you with all of your tax and accounting needs.
A business that manages as a partnership shares control, responsibilities and finances between multiple people. The partners are responsible for managing the business and are 'jointly and severally' liable for any debts incurred by the business. The profits are shared between the partners based on pre-agreed percentages.
Advantages of a Partnership:
- Business partnerships are easy to establish.
- With more than one owner, it may be easier to borrow money and raise capital to invest in the business.
- The business can benefit from the knowledge and experience of all of the partners.
Disadvantages of a Partnership:
- Business partners are liable for the actions of the other partners.
- Business partners are liable for the actions of the business.
- Disagreements can make the decision making process take longer.
At Moss Accounting we can assist you with all aspects of your partnership accounting. We would deal with the initial registrations with HMRC, set you up with accounting software and show you how to keep accurate and timely records. We could even manage the bookkeeping side of things for you so you can focus on running the business.
If you have any questions please do not hesitate to get in touch.