Partnership formation support
Regardless of which type of partnership you're looking to create, our Liverpool based Chartered Accountants will guide you through the formation process, providing the common sense, professional advice you deserve.
An overview of Partnership formation
A slightly less formal and official form of organisation than a limited company, partnerships are often used to provide structure and legitimacy to professional services businesses such as accountants, solicitors, architects or surveyors.
In much the same way as a limited company, a partnership portrays an image of greater credibility to prospective clients. Unlike a limited company, however, no party can be held responsible for the debts or negligence of another, making a partnership well worth considering for organisations made of up individual fee earners, all of whom manage their own clients or projects.
With a limited company, the company itself is responsible for paying corporation tax on its profits. With a partnership, however, each individual shareholder (or partner) is responsible for paying their own income tax on their share of the profits. As above, this makes the partnership route ideal for professional services businesses where one partner may bill substantially more or less than another.
Not only can a partnership help to cement and focus the commitment of all parties, they also have the potential to create a business based upon a number of people, each bringing complementary skills, experience and networks to the table. Add the fact that partners can be paid as both salary and dividend (frequently leading to tax savings) and it’s no surprise that partnerships have become one of the three most common ways of setting up a business in the UK.
Why choose Phil Owen & Co.?
Despite the obvious advantages of partnership formation, forming an effective partnership can be far more complex than you might imagine.
Whether Limited Liability Partnership (LLP), Partnership or joint venture, Phil Owen & Co. will guide you through the formation process from start to finish.
We’ll make sure you understand all relevant legislation with regards to liability, ensuring that any documentation is registered exactly where and when it should be. What’s more, as one of Liverpool’s most respected independent accountants, we’re ideally placed to prepare accounts for the partnership itself, registering it for the correct VAT scheme and submitting both its VAT returns and its partners’ self-assessment tax returns on time.
For those looking for start-up funding, we’ll point you in the direction of the best places to obtain loans or grants, providing independent and truly impartial advice as to which route might be best for your partnership.
Interested? Book a free, no obligation consultation with one of our Chartered Accountants. Get in touch today.
Why use Phil Owen & Co.?
- A respected firm of chartered accountants, we’re trusted by hundreds of businesses and private individuals throughout Liverpool, Wirral, Cheshire and Lancashire.
- Thanks to our ICAEW Chartered status, you can rest easy, safe in the knowledge that both your business and personal finances are in capable hands.
- We’re no ordinary accountant. By getting to know your business and its goals, we’re able to provide proactive, expert advice that adds genuine value to your team.
- Regardless of their size, following an introductory phone call, all new clients receive a free consultation, either at their premises or at our offices in Liverpool.
- From sole traders and SMEs to national I.T. and construction businesses, our accountancy services are tailored to suit our clients’ individual requirements.
- We take pride in the friendliness and approachability of our staff. From the moment you first make contact, we’ll treat you as we’d like to be treated ourselves.
Dont just take our word for it...
Dane Fennelly, Managing Director E2E Technologies
“E2E have used Phil Owen & Co. for a number of years now. The service we’ve received has been first rate with requests dealt with promptly and advice provided proactively. I couldn’t recommend them highly enough.”
Kevin Collins, C.B. Transport Refrigeration Ltd
"As a multimillion pound turnover business we have used Phil Owen and Co Limited as our accountants for many years and have made substantial tax savings as a result of the Research and Development claims advised by Phil. We would highly recommend them to anyone looking for a professional service.”
Ian Johnson, Company Director (Private Individual)
“Phil Owen's services were recommended to me by a friend a few years ago and, I have to say, I haven't been disappointed. From day one I've received an excellent service.”
Paul McHale, Contractor (Sole Trader)
"I was referred to Phil Owen when I became a sole trader a few years ago as I was struggling to find the time to deal with my finances as well as work six days per week. Their advice was really easy to understand and proved very helpful to me and I haven't looked back since."
We're trusted by organisations and individuals throughout the UK
Need partnership formation support?
To find out how Phil Owen & Co. could support your business, why not get in touch? A member of our team will be only too happy to help.
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