venturing into a new partnership or already established.
At AATBS Accountants, we have dedicated accountants who can help your partnership business with all of your tax , accounting and compliance
A partnership business structure shares control, responsibility and finances between two or more people. The partners are not only responsible for managing the business, but also 'jointly and severally' liable for any debts incurred by the business, and the profits are shared between the partners based on pre-agreed percentages.
Below are just a few examples of the advantages and disadvantages of running a business as a partnership.
Business Partnership Advantages:
- Easy to establish
- Easy to borrow money and raise capital to invest being more than one partner.
- Shared knowledge base and experience of all of the partners.
Business Partnership Disadvantages:
- one partners liable for the actions of the other partners
- Since decisions are shared, disagreements and delay can occur