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?
- Drector renting room to company 193 3
- Moving from Moneysoft to another payroll product 350 7
- Received a CIS invoice 267 9
- DLA interest query. 2,932 66
- VAT invoice 209 9
- claim fees with out without VAT? 147 3
- How to print invoice payment history Sage 50 Pro 45 2
- P60 Plain Paper from Sage Payroll 211 10
- Fee protection 1,079 24
- Accounting for software development costs 238 3
- Payroll Software Recommendations 236 7
- Auto-enrolment - Fees 413 5
- Anyone done ATT? 233 5
- Warranties - Fixed Assets - depreciation 78 1
- Increasing the personal allowance: A top priority? 1,642 54
- Bereavment payment 346 4
- indexation factors 76 2
- How to prove income for a mortgage if you have no SA302s 1,668 13
- LLP Salaried Partners 145 1
- Vat on motor repairs 147 3
- Xtuple 575
- Qtac payroll for bureau 403
- Confused - Professional Association a Mutual trader, or not? 350
- Domain name sale and limited company 250
- Italian friend wants to set up a UK company to reduce taxes 238
- Director legal fees in loose connection to the company 223
- Tax on damages received 202
- Multiple bodies and practicing certificates 196
- Temporary non residence and CGT on non-UK asset 164
- Accounts consolidation spreadsheet 161