A business run as a Partnership is managed by two or more people who have shared control, responsibility and finances. In a Partnership, the partners are not only responsible for the business management, but also jointly liable for any debt incurred by the business. You should always consider this carefully as you are responsible for debts incurred by others and similarly, the profits are also shared between the partners.

A Business partnership is easy to establish - however, we would always recommend you take the time to draft a partnership agreement to avoid any future conflict. This agreement can protect each partner and make sure everyone is treated fairly. 

You should also be aware that all Business partners are liable for the actions of the other partners in their business, consider this carefully and GRC Accountants can provide you with further advice regarding any of your concerns and all the financial aspects of joining a Partnership.
We are here to help, your business is important to us, so please give us a call on 0151 321 2340.