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 responsible for the debts and contracts of the business, and are personally liable if the business does get into financial difficulties.
Partnerships can be a great way to operate if you are looking for a simple way of going into business with one or more people.
The structure can also be beneficial if there are many partners, as adding and removing partners and their share of ownership of the businesses is very straight forward to do. This is one reason business owners prefer to trade as a Partnership over a Limited Company.
Why use Accounting Wise for your Partnership Accounting?
Partnerships tend to be small businesses and so need as much help as possible from their accountant. This is why our Partnership Accounting service offers unlimited help and advice throughout the year, included within the monthly payment.
The accounting industry is renowned for confusing business owners with needless complexity. Jipps & Co appreciate that most business owners do not have an accounting or tax background and therefore always strive to give advice in simple English. We will explain your financials in a clear and concise manner and help you to understand our reporting of your business.
We monitor our Partnership clients on a regular basis to ensure that they are operating as tax efficiently as legally possible. With every piece of work that we do we look to make recommendations to improve your business. These recommendations could include tax efficiency suggestions or advice on how to better keep records.
Representation in Tax Inspections
Although tax inspections are rare, it is possible that you could be investigated at random. In the event of a HMRC investigation we would represent you at no extra cost. This would be included in your monthly fee. We would fight your corner and ensure that HMRC receive only the money they are due and not a penny more.
We can complete the bookkeeping for our clients or alternatively they can complete the bookkeeping themselves to keep costs to a minimum. We provide simple accounting software to sole trader clients which help them to keep their records properly and in a way that we can use their information to complete accounts.
Pro‘s & Con’s of a Partnership
Business Partnership Advantages:
Business partnerships are relatively easy to establish; make sure time is taken to draft a partnership agreement to avoid future problems.
With more than one owner, it may be easier to borrow money and raise capital to invest in the business.
The business can benefit by using the knowledge base and experience of all of the partners.
Business Partnership Disadvantages:
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.
Reviews from google.com
Great accountant, the service was incredible highly recommend them.
We have been using Accounting Wise since May 2016 and cannot fault attention to detail. Vending Sense Group Limited would recommend his services to anyone looking for a professional Accountant.
They always looks after myself & my wife when it comes to tax time of the year. Highly recommend!
I have been using Accounting Wise for the last few years now they have helped me stay on top of my accounts, I now have a simple process which saves me hours of personal time all thanks to there expertise and friendly effortless service. Highly recommend
You can feel safe in the knowledge that we are experts in our field.
Our accountants have a range of qualifications from the Association of Accounting Technicians (AAT), Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in England and Wales (ICAEW). We are also an Institute of Certified Practising Accountants (ICPA) accredited firm, and a HMRC registered Agent.
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Accounting Wise is a trading style of Accounting Wise Ltd, a limited company registered in England under company number 09365202. Our registered office is: The Carriages, Station Road, Ware, SG12 9PL UK.
Content is for general information only. Always take advice.