Partnerships
These work a lot like being a sole trader, except obviously there’s at least two of you.
You share liability for any debts that are owed by the business and it’s really sensible, before you go into any partnership, to have a written agreement between the partners.
This provides clarity if you fall out and helps if one of you wants to move on, sell out, reduce your role or commitment, or if you both decide to turn your partnership into a company further down the line on the back of success.
Limited liability partnerships (LLP) share the same tax liabilities and distribution of any profits as normal partnerships, although partners have a reduced financial liability.
LLPs are popular structures with property companies and buy-to-let landlords, as well as professional services firms like solicitors and architects.
Recent posts
Spring Budget 2024 Summary
Andrew Knott, Associate Director at Bevan Buckland LLP, summarises some of the initial key points of the 2024 Spring Budget to understand the implications.
Common Errors that Harm your Business Credit Score
A good business credit score is essential to your business's success. Whether you're aiming to...
CEO Insights: Port Talbot and the Crucial Role of a Local Industrial Strategy
For this edition of CEO Insights, Gus Williams explores the decision to close the Port Talbot blast furnace.