Partnerships

Running a Partnership Business In London

At KN Morris Tax Consultancy, we can guide you through the advantages and disadvantages of running a business as a partnership, and offer advice on tax aspects and other relevant considerations for setting up and operating a partnership business in London.

Business Partnership Advantages:

• Business partnerships are relatively easy to establish; it is important to draft a partnership agreement to avoid future problems.
• With more than one owner, it may be easier to borrow money and raise capital to invest in the business.
• The business can benefit from using the knowledge base and experience of all the partners.

Business Partnership Disadvantages:

• Business partners are liable for the actions of the other partners.
• Business partners, like sole traders, are liable for the actions of the business.
• Since decisions are shared, disagreements can occur and therefore the decision-making process can take longer.

At KN Morris Tax Consultancy, we can provide you with advice on all tax aspects of setting up a business partnership or discuss the advantages of trading as a limited company. We are committed to helping independent business owners thrive and offer a free consultation with your local office. Please call us at +44 20 1234 5678 to book an appointment.