Running a business partnership

Partnerships can be a very efficient way of running a business where more than one person is involved. However, there are various formalities which should be followed to keep things running smoothly.

Partnerships give responsibility for running a business to several individuals. LLPs and limited partnerships provide alternative forms of partnerships to a general business partnership. Aside from choosing an appropriate name, nominated partners must be chosen to fulfil certain duties and partnership agreements can be used to provide formality. Partnership self-assessments need to be sent to HMRC every year, in addition to individual self-assessments. There is a certain process which must be followed in the event that the partnership is brought to an end and a Dissolution of partnership deed can be used to effect this.