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.

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.