Have a question? Call us now 01727-238257

Albans Accounting

Albans Accounting

Home Partnership

Partnership:

Partnership Accountancy Services from as little as £39.99 per month

  • Preparation of Partnership annual accounts
  • Preparation of Partnership Tax Return
  • Bookkeeping
  • Payroll
  • VAT return
  • CIS return
  • Filing Partnership Tax Return to HM Revenue & Customs
  • Advising you about tax liabilities and deadlines
  • Unlimited Telephone & Email Support
  • Act as an Agent to deal with HM Revenue & Customs

 

Partnership:

A type of business in which two or more individual run the business, shares profit/loss, control, responsibility and finances. All partners are personally responsible for the contracts and debts of the business.

Advantages:

  • Partnership is a simplest way of setting up a business with two or more individual. Partners share their profit and loss as per partnership agreement. 
  • It is relatively easy to take on more partners or remove partners from partnership.
  • Finance is a key for every business; the individual can easily borrow the money and invest in the business.
  • Partners shares their knowledge and skills to run the business successfully.

Disadvantages:

  • Business partners are personally liable for the debts and contracts of the business.
  • Business partners are jointly and individually liable for the actions of the other partners.
  • Since decisions are shared, disagreements can occur. It may take longer to take important decisions.
  • A partnership usually has limitations that keep it from becoming large business.

Albans can help you with all of the accounting and tax needs at a low monthly fee. We can assist you to set up our partnership and can help you to operate in the most tax efficient way.