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
A new poll has found that most of the UK’s self-employed individuals are seemingly unprepared for the changes to off-payroll working rules – also known as IR35 – that are set to take effect from…
The British finance ministry has said that it will not publish the final report of its fundamental review of business rates until the autumn, when it expects a clearer economic outlook. HM Treasury …