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.