A partnership is a simple and fast way of establishing a company for two or more people who want to lead a business together. A partnership must be reported to the Tax Office (HMRC). Unlike limited liability company (Limited), there is no need to register in the company’s official register (companies House). A partnership is established under its own name.
Limited liability (limited), there is no need to register with the company’s official register (companies House). A partnership is established under its own name.
Only self-employed individuals (employed) may be partners. Each of the partners is entitled to profits from the company’s operations in accordance with the contract of a civil partnership which can be drawn up in writing, although legally not required. Unlike the company of O. O. (LTD), a partnership does not necessarily have an employed director.
A partnership is required to hold full bookkeeping and filing tax returns after the end of each tax year, although the income tax itself does not pay. The company’s profit is divided between the partners who form it.
For detailed information contact our office
at 0208 840 0422
We offer full service of partnership, from registration through tax and employee settlements (Payroll) including:
- Consultation, legal, organisational and financial advice prior to the registration of a partnership
- Consultation on formal, accounting, tax (income tax, VAT), financial, employee and organisational matters related to the registration and current business activities
- The conduct of settlements with employees of the company (Payroll) in the PAYE system, as well as other formalities related to employment
- CIS registration for builders and handling of all formalities and billing related to them, both for contractors and subcontractors.
- Calculation of profit and income tax liability of a civil company and partners on the basis of the provided accounting records
- Consulting in the case of control from the Tax Office (HMRC)
- Legal, organisational and financial consultancy in connection with the termination of economic activity