If two or more people wish to go into business together, but without having the extra disclosures necessary with a limited company then a partnership offers a simple way to get started. A Partnership is similar in many ways to a sole trader as in essence a Partnership is a group of Sole Traders trading together.
We at KRA advise all partnerships to have a Partnership Agreement which acts like a constitution of the Partnership. The Partnership will have to prepare Partnership Accounts which will show each partners share of the profits.
How we can help
If you would like to discuss any of the above please contact KR Accountants so we can arrange a No obligation FREE initial meeting to carry out a business review were we will offer you a FIXED FEE accountancy service with no hourly charges or hidden costs.