In a partnership, partners are separately and jointly responsible to take of their business. They share profits and losses. They are also responsible for the liabilities of their business. The partners are also responsible to comply with the legal and regulatory requirements.
We have summaries some of the advantages and disadvantages of a partnership.
Relatively easy to establish.
Minimise tax liability as each partner can use his tax free allowance against partnership profits.
Combine knowledge and experience of all of the partners can make the business successful..
Each partner is personally liable for the actions of the other partners.
Each partner is liable for the actions of the business.
Shared responsibility can create disagreements, you can avoid this to some extent by writing a good partnership agreement.
Our team of experts have knowledge and experience of taking care of your business. We can not only take care of your legal and regulatory requirements but also can help you grow your business. We also work with you to make sure you have clear objectives. Our experienced team help you to achieve your objectives for your business.
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