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  • Business Partnership Accounts

Guiding and Supporting Partnership Businesses Throughout Lisburn

When two or more people are running a business together to make a profit, this is known as a partnership. This kind of business can also be started between two businesses, or between an individual and a business etc. Although they are not subjected to any personal tax bills which are based on partnership profits, both parties are extremely liable for any partnership debt that may build up between them.
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We will always recommend that our clients draw up a Partnership Agreement before beginning this new business relationship.

The document will state the relationships between each partner and how the profits are to be shared. It will also lay out how any new or existing members have to go about leaving or joining the organisation. Although it may appear to be unnecessary, we will still recommend having a partnership agreement if you are creating the business with your spouse or friend, as it can highlight who is responsible for what and can also be used as revenue that both parties are actively involved in the business.

Limited Liability Partnership (LLP)

Although these are still treated like a normal partnership simply for tax purposes, members of this partnership are under the protection of Limited Liability. These are separate legal entities where deeds and contracts will be entered into, it means that the company can sue and be sued in its own name. Floating charges may be applied to the assets of the business, and this cannot happen in a normal partnership. LLP businesses must also register all of their documents and accounts with Companies House so that they can store them, where they will be available for public viewing.

Contact Us

If you have any questions in regards to your business partnership accountants, please call 028 9266 3599 and one of our friendly team will be happy to help you however we can.

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