In a partnership, Anthony J. Warnock has a range of accountancy services that may be able to assist you. Trading in a partnership means that control and responsibility of the business is shared between two or more people. This also includes responsibility of finances. Within a partnership, partners are “jointly and severally” liable for any of the business’ debts and any profits are shared on pre-agreed percentages.
The advantages to business partnerships is that they are relatively easy to establish, although a partnership agreement should be drafted to avoid any issues in the future. Multiple owners mean that is can be easier to raise finance for the business and the owners have the benefit of shared knowledge and experience, although this depends on the individuals involved. The main disadvantage is that business partners are liable for the actions of the other partners. As decisions are shared, the decision making process can take longer than would be the case with a sole trader.
Are you currently or thinking about trading as a partnership? Anthony J. Warnock can help! To arrange an initial meeting at your premises or home with a free, no obligation quotation call today on 07853 384 014.