A partnership is a for-profit business association of two or more parties, known as partners, who agree to cooperate for their mutual benefits. The partners in a partnership may be individuals, groups of individuals, companies, and corporations.
Each partner shares the organization's profits and control of the business operation. The consequence of this profit sharing is that these partners are, jointly and independently liable for the partnership's debts.
You must register your partnership and its members with HM Revenue and Customs (HMRC). Partners who are individuals pay Income Tax and National Insurance through self assessment, whilst partners who are a company must be registered with HMRC for Corporation Tax.
How can Taj Accountants help you?
Partnership might seem a little complex to many people. We are here to help deal with all financial, accounting and taxation matters so you can focus on your business' operations. Our wide range of services for partnership business include, for example, Year End Accounts, Secretarial services, Bookkeeping, VAT return if you are a VAT registered business or Payroll.
Visit our services page to know more about what can we do for you and your business.