A partnership, which works in a similar way to a sole trader but with 2 or more people. A written agreement should be in place between the partners and profits are usually shared between the partners according to the agreement. Though profits may be shared unequally, liabilities which may arise are shared jointly. This is something that everyone involved in partnership, should be very clear about. Even if you only own 1% of the business you will still be responsible for 100% of the liability.
At Fylde Coast Accountancy we try make things transparent for our clients by providing maximum information. If you are looking for Accountants for Partnerships, please feel free to contact us on 01253 728296.