Basic Q, just want to check it through.
Sole trader dentist, turnover £150k and profits £80k. Net assets £60k, being mainly small property and some equipment.
Wishes to introduce new partner into business. Share income profits and gains equally from now on.
What is the best way to approach this in terms of ring fencing the existing net assets. (the property has not been revalued). Is this by way of special mention in the partnership agreement. Or does the fact that the capital account of incoming partner being at zero just evidence the split.
Does the disposal of a 50% stake in the business need reporting at all?