Whether you are venturing into a new partnership or are already established At TaxAssist Accountants, we have dedicated accountants who can help your partnership business with all of your tax and accounting needs
A business run as a partnership 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:
- Business partnerships are relatively easy to establish; make sure time is taken to draft a partnership agreement to avoid future problems.
- With more than one owner, it may be easier to borrow money and raise capital to invest in the business.
- The business can benefit by using the knowledge base and experience of all of the partners.
Business Partnership Disadvantages:
- Business partners are liable for the actions of the other partners.
- Business partners, like sole proprietors are liable for the actions of the business.
- Since decisions are shared, disagreements can occur and therefore the decision making process can take longer.
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We specialize in supporting independent businesses. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
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Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.
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