Partnerships Accountancy in Bath

Accountancy Services

As a business partnership start up, you and your business partner (or partners) split the responsibility for the business you are controlling. Not only does this mean sharing the profits equally, it also means that each partner must pay their individual taxes on their share of the profits.

Other legal responsibilities include:

  • Personally responsible for any losses taken from the company
  • Bills that need paying for your business e.g. stock and equipment

These partners don t actually need to be actual people because in some cases a Limited Company can also stand as a legal person, and therefore can be a partner in a partnership business. Whoever the partners are, the same responsibilities stand when it comes to tax and payments. These can all be handled professionally by Roger Hatherall and Company and include:

All these need to be complete on time and be in the correct format for the HMRC to avoid penalties.

Limited Partnerships

The liability of the business debt in this circumstance is split between the limited partners. Their other responsibilities include being liable for partnership debts unless they are limited partners therefore only liable for the amount they invested.

Limited Liability Partnerships

A partner in an LLP isn t personally liable for debts within the business as they are only responsible for the amount they initially invested into the company to start with. A partner s responsibility and shares allocated are set out in the first LLP agreement papers, that can be arranged with Roger Hatherall and Company.