Partnerships and limited liability partnerships

A partnership is a business where two or more people agree to trade together and share the profits and losses between them. There are two main types:

  • Traditional unincorporated partnership.
  • Limited liability partnership.

The legal status of a traditional partnership is similar to that of a sole trader where the partners are self employed and bound together by a partnership agreement. The partners are jointly responsible for all the liabilities of the firm. One way of avoiding this significant business risk is by forming a limited liability partnership.

How we can help you

Add Value Accountants can help you in the following ways:

  • Discuss your choices with you and advise accordingly.
  • Register you with Companies House and HMRC as appropriate.
  • Accurate and timely book keeping.
  • Full payroll service including annual submission.
  • VAT computation and online submission.
  • Preparation of year end accounts.
  • Quarterly or monthly management accounts if desired.
  • Advise on profit improvement opportunities.
  • Good tax advice to reduce your tax bill.
  • Complete your self assessment tax return.
  • Calculate your tax liability and NI contributions.
  • File your tax return online.
  • Discuss with you the amount of tax and NI to be paid and when it is due.
  • Loan finance for expansion.
  • Debt recovery.
  • Cash flow optimisation and cash flow projections.