Partnership Accounts

Accountants in Driffield, East Yorkshire

With our extensive experience in partnership accounting and tax compliance, we are well-equipped to assist you in selecting the ideal partnership accounting package, providing guidance whether you already have an agreement or need help finalizing the details, ensuring that we support you thoroughly at every stage of the process.

What are Business Partnerships?

A partnership is a legal agreement where two or more individuals share the responsibilities and management of a business. Given the complexities involved with multiple partners, it is essential to have clear, written terms outlining operational procedures, including how to add or remove partners and guidelines for decision-making. Our expert accountants are here to guide you through the partnership process from the beginning, helping you establish an agreement that can save you time and money while promoting your business’s long-term success.

There are three different types of partnerships.

1) General Partnership

In a traditional partnership, each partner shares both profits and liabilities, and the members themselves have unlimited liability. This means that all individuals are responsible for any debts and contracts and will be equally personally liable if the business gets into financial difficulties, even if it is the fault of only one member.

In the absence of a partnership agreement, profits are shared equally under the Partnership Act 1890.

2) Limited Liability Partnership (LLP)

A limited liability partnership is a typical setup for corporate practices such as accountants and lawyers. As the name suggests, this structure limits the liability of the individual partners in the same way that a limited company does, i.e. the partners are only liable for the amounts they originally invested in the business.

An LLP exists as a separate legal entity from its members.

3) Limited Partnership

In this hybrid structure, at least one partner must have unlimited liability where they are solely responsible for the partnership’s debts. There must also be another partner whose liability is limited to the amount they originally invested. Any additional partners can choose to be limited or not.

Both limited partnerships and limited liability partnerships must register and file their accounts at Companies House.

OUR APPROACH

At K Lawson Accounting, we are committed to providing our clients with the highest quality accounting services. We have been serving individuals and businesses in Driffield, East Yorkshire for over a decade, and we are dedicated to providing personalised support to help you achieve financial success.
Whether you need assistance with financial accounting, bookkeeping, tax preparation, or business consulting, we have the expertise and experience to help. Contact us today to learn more about how we can support your financial goals.

WHAT OUR CLIENTS SAY

I was impressed with the level of expertise and professionalism at K Lawson Accounting. They provided me with the support I needed to get my finances in order and achieve my financial goals.

Sandy Williams

K Lawson Accounting has been an invaluable resource for my small business. Their team is knowledgeable, responsive, and committed to helping me succeed.

Quinn Davis

I highly recommend K Lawson Accounting to anyone in need of accounting services. Their team is trustworthy, reliable, and always willing to go above and beyond for their clients.

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