{"id":179193,"date":"2023-01-18T02:55:23","date_gmt":"2023-01-18T02:55:23","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=179193"},"modified":"2023-04-27T08:02:53","modified_gmt":"2023-04-27T07:02:53","slug":"partnership-business","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/business-structures\/partnership-business\/","title":{"rendered":"Is a Partnership Suitable for My Business in the UK?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">When starting a business, you will need to decide how you want your business to trade in the UK. There are several options, including sole trader, partnership and limited company. Each of these differs in terms of the number of people involved in the business, HMRC obligations and how it runs daily. This article will discuss why a partnership might be a suitable business structure for you and key legal considerations.&nbsp;<\/span><\/p>\n<h2><span style=\"font-weight: 400\">What is a Partnership?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">A partnership is a business structure involving at least two people who own the business and therefore share the responsibilities. The partners will share the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">business profits and losses;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">business debts;&nbsp;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">responsibilities in the day-to-day running of the company.&nbsp;<\/span><\/li>\n<\/ul>\n<div class=\"box box--icon box--info\">\n<p><span style=\"font-weight: 400\">An interesting point about partnerships is that you can choose a partner that is not a real person. Since the law treats <\/span><a href=\"https:\/\/legalvision.co.uk\/corporations\/limited-vs-unlimited-company\/\"><span style=\"font-weight: 400\">limited companies<\/span><\/a><span style=\"font-weight: 400\"> as a legal person, you have the option of partnering with a limited company if this is something you are considering.<\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">When setting up a business partnership, it is best practice to draft a <\/span><a href=\"https:\/\/legalvision.co.uk\/business-structures\/partnership-agreement\/\"><span style=\"font-weight: 400\">partnership agreement<\/span><\/a><span style=\"font-weight: 400\">. If you do not have one, standard rules under the <\/span><i><span style=\"font-weight: 400\">Partnership Act<\/span><\/i><span style=\"font-weight: 400\"> will apply, meaning all partners will be equally entitled to business profits and debts that have accrued. A partnership agreement will clearly outline the general obligations of each partner and cover other considerations such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">the financial contribution of each partner;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">ownership percentages for each partner;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">how any disputes between partners will be resolved;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">responsibilities of each partner;<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">processes in place for amending the partnership agreement; and<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">process of business partners leaving the partnership.<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400\">Limited Liability Partnerships (LLP)<\/span><\/h2>\n<p><span style=\"font-weight: 400\">You can also register your business as a <\/span><a href=\"https:\/\/legalvision.co.uk\/corporations\/general-limited-liability-partnership\/\"><span style=\"font-weight: 400\">limited liability partnership<\/span><\/a><span style=\"font-weight: 400\"> (LLP). This business structure is similar to a limited company but still maintains the characteristics of a partnership. If you wish to have an LLP, you will need to register with Companies House in the same way as a limited company.<\/span><\/p>\n<p><span style=\"font-weight: 400\">One major benefit of an LLP is that each partner will have limited liability. This means they will not be personally liable for any business debts, and all personal assets are safe. Limited liability is a huge benefit to businesses, as you can ensure your personal assets and business assets are completely separated.&nbsp;<\/span><\/p>\n<div class=\"box box--icon box--star\">\n<p><span style=\"font-weight: 400\">Limited liability plays a huge part in how businesses structure themselves and is often the popular choice when dealing with creditors and loans.<\/span><\/p>\n<\/div>\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+448081968584\" class=\"not-prose\">0808 196 8584<\/a> for 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One main benefit is the efficiency of taxes. Under a traditional partnership, a nominated partner will first need to register with HMRC for self-assessment. There is a legal requirement that this nominated partner will be responsible for submitting the partnership tax return to HMRC.&nbsp;<\/span><\/p>\n<p><span style=\"font-weight: 400\">The partnership itself does not pay tax. Instead, profits from the business flow to each partner and individual partners then pay tax on their earnings rather than obtaining a salary that is subject to PAYE and national insurance. However, if you decide you want to trade as a limited liability partnership, your tax obligations will differ as you will then have to pay corporation tax.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Advantages of Partners Working Together<\/span><\/h2>\n<p><span style=\"font-weight: 400\">An advantage of partnerships is that you will have multiple people to share the responsibility of running the business and its costs. Partnerships can often have greater credibility among different industries, which can prove beneficial if you need greater borrowing capacity. You can also bring on new partners, which can increase skill sets and resources.<\/span><\/p>\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/4\/2022\/09\/06164254\/uk-startup-manual-290x410-1.jpg\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">UK Startup Manual<\/div>\n            <div class=\"body-text\">\n                <p>LegalVision&#8217;s Startup Manual is essential reading material for any startup founder looking to launch and grow a successful startup.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/go.legalvision.co.uk\/uk-startup-manual.html\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n<h2><span style=\"font-weight: 400\">Key Takeaways<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Partnerships are a type of business structure that involve two or more people. You can choose to have a traditional partnership or a limited liability partnership which is similar to a limited company. A partnership business can have benefits in terms of access to resources and more help with responsibilities. If you choose to become a LLP, you can also obtain limited liability, which means partners would not be held liable for partnership debts.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If you need advice around deciding how to structure your business or creating a partnership, our experienced <\/span><a href=\"https:\/\/legalvision.co.uk\/business-lawyers-lp\"><span style=\"font-weight: 400\">business lawyers<\/span><\/a><span style=\"font-weight: 400\"> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+448081968584\" class=\"AVANSERnumber dynamic-number\">0808 196 8584<\/a> or visit our <\/span><a href=\"https:\/\/legalvision.co.uk\/membership\/\"><span style=\"font-weight: 400\">membership page<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Frequently Asked Questions<\/span><\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1674010206161\"><strong class=\"schema-faq-question\"><strong>Is a business partnership a good idea?<\/strong><\/strong> <p class=\"schema-faq-answer\">A business partnership can be a good idea to obtain greater expertise and resources to grow your business. However, there are important considerations to bear in mind, as ownership and profits are split between partners. A well-drafted partnership agreement can document these details in writing.\u00a0<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1674010218717\"><strong class=\"schema-faq-question\"><strong>How does a business partnership work in the UK?<\/strong><\/strong> <p class=\"schema-faq-answer\">Partners share ownership and, therefore, all responsibilities for the business. Partners are responsible for the day-to-day running of the business and will share profits and losses in agreed ways, usually outlined in the partnership agreement.<\/p> <\/div> <\/div>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"9eb4f72322\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/179193\" \/>            <input value=\"https:\/\/legalvision.co.uk\/business-structures\/partnership-business\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"Is a Partnership Suitable for My Business in the UK?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>When starting a business, you will need to decide how you want your business to trade in the UK. There are several options, including sole trader, partnership and limited company. Each of these differs in terms of the number of people involved in the business, HMRC obligations and how it runs daily. This article will<a href=\"https:\/\/legalvision.co.uk\/business-structures\/partnership-business\/\">Continue reading <span class=\"sr-only\">&#8220;Is a Partnership Suitable for My Business in the UK?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13353,"featured_media":3253,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"174147,2268,2764,1890,174804,176083","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[36],"tags":[20,21,139,141,152],"class_list":["post-179193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-structures","tag-small-business","tag-medium-business","tag-limited-liability-partnership","tag-partnership-agreement","tag-partnership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is a Partnership Suitable for My Business? | LegalVision UK<\/title>\n<meta name=\"description\" content=\"A partnership is a type of business structure that involves two or more people. 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