Partnerships & LLPs

A business is a partnership when two or more people are in business without forming a limited company.

When you decide to set up a business as a partnership, you do not have to notify Companies House. However, you do need to follow procedures similar to those for a sole trader and inform HM Revenue & Customs. Each partner has to complete form CWF1 and advise HM Revenue & Customs of the new business. One partner will also need to resume responsibility for advising HM Revenue & Customs on its existence. All this needs to be completed within three months of inception in order to avoid penalties.

A limited liability partnership (LLP) is a partnership, but operationally it is more similar to a limited company. The individual members have 'limited liabilities' compared to a traditional partnership. You would need to incorporate an LLP at Companies House and we can assist you with this.

Even the strongest of relationships can suffer in times of adversity. Good planning is a vital element in creating a successful business partnership. It is essential to set up a formal agreement with regard to partnerships and we can assist you with this matter.

For information and assistance on partnerships please call 01923 224411 or email Priya Raja-Motala.