Partnerships are a popular type of organisational structure in businesses. The accounting practices involved to manage finances are similar to those of sole traders, only there are more owners and separate accounts for tracking each partner’s investment and distributions.
Partners share the profits and losses generated as a result of their unlimited personal liability for the business. There are separate rules for different kinds of partnerships including general, limited and limited liability partnerships which all entail slightly different roles.
Any type of partnership is required to submit an annual self assessment tax return, and all partners should be registered to complete this.
Why choose our partnership accountancy services?
Whether you are setting up a new partnership, or have an established partnership already, TS Partners can assist all of your accounting and tax needs.
We provide a friendly and comprehensive accountancy service for you and your partners sharing ownership of a business. We can efficiently organise your finances to help your company grow.
GET A CALL BACK
If you need to speak to us about a general query fill in the form below and we will call you back within the same working day.
News and Insights
On 20th July, the Government announced reforms to tax reporting designed to make the returns process easier for small businesses and the self-employed. What are the current rules? Under the…
A new survey of managers undertaken amid the continuing relaxation of COVID-19 restrictions in England has revealed concerns among many respondents that measures designed to limit the spread of the vi…