Tax Insider Tip: From Sole Trader to Partnership
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.
Sarah Laing has written an article in which she looks at some of the practical issues to look out for when moving from a sole trader business to a partnership.
It is a sample article from our monthly Tax Insider newsletter but you can read it right here:
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Happy tax saving!