In a partnership partners (at least 2 or more) share responsibilities for the business. This includes;
- Any losses the business makes
- Bills for things you buy for your business, like stock or equipment
A partnership must also file and report a tax return and declare the income, expenses, and partner share of profit/loss. This return then links to the ‘legal persons’ tax return and the partner pays tax on their share.
What we can help you with
- Formation of a partnership
- Advise on the partnership split between partners
- Understanding the tax implications and what can be included in the financial statements
We can offer advice regarding the setup and formation of a partnership, so feel free to Contact Us now and discuss your options.