AGA Accountants deal with a number of partnerships, both traditional unincorporated partnerships, and also Limited Liability Partnerships (LLP).
Many businesses will be set up as partnerships, including many professional services firms. There are many benefits to a partnership structure, including the ease with which partners can join and leave the business. In recent times there has been a reduction in tax planning opportunities for partnerships – including tightening of the requirements to qualify as a true partner in a partnership, rather than being treated as an employee in a partnership set up.
Contact us to find out more.
We have extensive experience in assisting sole traders and traditional partnerships in moving into an LLP type model. Many traditional partnerships wish to transfer to LLP status in order to provide greater protection to each individual partner in the practice. This is because of the advantages of Limited liability.
Contact AGA Accountants to find out more about partnership tax returns.