What is a Partnership?
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 simplistic 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.
The Accountancy Partnership can help with all of the accounting and tax requirements of Partnerships for a low cost monthly fee. We can also help you set up your Partnership and ensure that you are operating in the most tax efficient way from the outset.
Why Partnerships love our service
The accounting industry is sadly renowned for blinding business owners with needless complexity. In stark contrast, we appreciate that most business owners do not have an accounting or tax background and therefore always strive to give advice in plain English. We will explain your financials in a clear and concise manner and help you to understand our reporting of your business.
In our experience when a client understands their own accounts and their related tax calculations they are subsequently much more informed when making important decisions in the day-to-day running of their business. This can be the difference in failure and success for a business and why we place such importance on providing accessible advice and information.
Get you own dedicated accountant
When you sign up to our Partnership Accounting Services you will be given your very own dedicated accountant who will be on hand to assist both you and your partners throughout the year.
Having your own dedicated accountant means that they will get to know you and your business on a detailed level. By working directly with you and gaining an in depth knowledge of your business they are therefore in a much better position to give you truly personalised advice such as how you might increase cash flow or profitability given your current circumstances. Your accountant will guide you through everything you will need to know and will be on hand throughout the working day to offer you accounting support and advice.