{"id":568,"date":"2020-07-07T13:58:09","date_gmt":"2020-07-07T13:58:09","guid":{"rendered":"https:\/\/www.accountly.co.uk\/?page_id=568"},"modified":"2020-07-07T15:56:18","modified_gmt":"2020-07-07T15:56:18","slug":"partnerships","status":"publish","type":"page","link":"https:\/\/www.accountly.co.uk\/partnerships","title":{"rendered":"Online Accountants for Partnerships"},"content":{"rendered":"

A partnership is a common way to run a business, as it involves multiple inputs and management options but still offers a great amount of control over operations.<\/p>\n

A member can be a person or a company, known as a \u2018corporate member\u2019. So if you\u2019d like to go into partnership with yourself, you could technically set up a limited company to join you.<\/p>\n

Adding and removing partners is a relatively simple process, which is one reason why some business owners may prefer this to starting a Limited Company. Personal salaries are easier to acquire, you only have to deal with HMRC as opposed to Companies House, and they can be opened and closed a lot easier.<\/p>\n

Find and compare accountants<\/a> for your partnership by completing our 60 second quote.<\/p>\n

Partnerships<\/h2>\n

A partnership is a business owned by two or more people and\/or limited companies. The profits at the end of the year are shared between them, depending on the percentages each holds, and money can be taken at any time.<\/p>\n

Unlike standalone limited companies, a partnership takes on much of the burden of sole traders. Partners are responsible for any debts and contracts and will be personally liable if the business gets into financial difficulties, even if it is the fault of only one member. This is different to an LLP, which can separate the entities.<\/p>\n

There are four types of partner:<\/p>\n