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Partnerships

They are unincorporated entities that comprise two or more people who share control, liabilities and responsibilities. Partners are responsible for managing the business and are jointly and severally liable for debts. Profits are shared amongst partners based on the agreed percentages. The registration process of a partnership is a little intricate compared to a sole proprietorship. An accountant from our firm will help through this process and provide these additional services:

  • Formulating a partnership deed: It is an agreement that stipulates a partner’s contribution, the accounting period, date of inception, profit and loss sharing ratios, interest on loans, drawings and capital and salaries, among other details.
  • Register the business: We also help the partners register the company. It is a relatively simple process that involves choosing the name of the business, selecting a nominating partner and registering with the HM Revenue and Customs.
  • File VAT and PAYE returns: Business partnerships pay taxes on profits. However, the taxes are charged on individual partners as the profits are divided among them. As such, corporations file PAYE for the partners and VAT on goods or services sold.
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