A partnership can be a simple and extremely flexible way for two or more people to own and run a business together. However, bear in mind that in general partners do not have any protection if the partnership fails. Unlike a limited company, a partnership has no legal existence separate from the partners themselves. If one of the partners resigns, dies, or goes bankrupt, the partnership has to be dissolved, even though the business itself may not need to cease.
In a recent issue of Tax Insider Sarah Laing looks at some of the practical issues to look out for when moving from a sole trader business to a partnership.
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>> A Winding Road? From Sole Trader To Partnership
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