Partnerships

Overview

The Partnership Act 1890 states that 'a partnership is the relationship which subsists between persons carrying on a business in common with a view to profit'. This means a partnership is considered to exist when two or more people set up a business providing goods or services for profit.

Tax Issues for Partnerships

Our experts are able to advise large or small partnerships regarding the partnership tax returns, year end planning or tax implications for the constituent partners, including Self Assessment, capital gains tax and inheritance tax. Our tax advice on partners joining or leaving can often be crucial.

Partners Duties

The Partnership Act 1890 lays down some specific duties for business partners, the most important are outlined in this section.

Limited Partnerships

Under the Limited Partnerships Act 1907 a limited partnership must comply with several restrictions.

Limited Liability Partnerships

The key advantage of a LLP compared with a traditional partnership is that the members of the LLP are able to limit their personal liability if something goes wrong with the business, in much the same way as shareholders in a company have always been able to do.