partnerships
Accounting advice for partnerships in Pinner and throughout the UK
If you’re running a partnership business and need accounting advice, Contact Accountancy of West London Ltd We provide services for partnership businesses in Pinner and throughout the UK.
What is a partnership?
A partnership is a business owned and run by two or more people, with the partners sharing the profits according to the percentage they own. All partners are jointly and severally responsible for the debts and contracts of the business, and are personally liable if the business does get into financial difficulties.
Advantages of partnership:
- Partnerships are relatively easy to establish
- Historically lenders are trusting partnership more than a sole trader
- The business can benefit by using the knowledge base and experience of all of the partners
Disadvantages of partnership:
- Business partners are liable for the actions of the other partners
- Business partners, like sole traders are liable for the actions of the business
- Since decisions are shared, disagreements can occur and therefore the decision making process can take longer
Accountancy of West London Ltd realises that most business owners do not have an accounting or tax background and therefore we always try to give advice in plain English. We can help you set up your partnership and ensure that you are operating in the most tax efficient way from the beginning. We will explain your financials in a clear and concise manner and help you to understand our reporting of your business.