PARTNERSHIPS & LLP’S

There are 2 types of partnership, an LLP (limited liability partnership) and a partnership (2 or more sole traders working together) and both of which have different filing necessities.

A partnership in general is a type of business structure in which two or more individuals (partners) agree to share profits, losses, and management responsibilities for a common business venture.  

Partnerships are governed by a partnership agreement that outlines the terms and conditions of the partnership, including each partner’s rights, duties, and obligations.

Generally in a partnership (not LLP), each partner is personally liable for the debts and obligations of the partnership, whereas in an LLP the liability is more limited and the filings are more similar to a Limited business (LTD).  From here for simplicity when mentioning partnerships we will be referring to both LLP & partnerships as described above.

Get in touch today for more information on this.

How we Help our Partnership Clients

  • Bookkeeping and Accounting Services: Our team of experts helps partnerships maintain accurate and up-to-date financial records, including annual accounts, monthly & quarterly accounts. This is essential for monitoring the financial health of the business and thus assisting decision-making.
  • Tax Planning and Compliance: We assist partnerships in tax planning strategies to minimise tax liabilities while ensuring compliance with tax laws and regulations. Our team will prepare and file your tax returns, handle HMRC enquiries if necessary, and guide tax strategies.
  • Financial Reporting: We prepare financial statements for the partnerships, including balance sheets, income statements, and cash flow statements. These reports are crucial for stakeholders, such as investors, lenders, and regulators, to assess the business’s performance.
  • Business Advisory Services: We provide advisory services to help partnerships improve their financial processes, internal controls, and overall financial management. We also guide business expansion, mergers and acquisitions, and other strategic financial decisions.
  • Compliance and Regulatory Matters: We ensure that partnerships comply with all relevant financial regulations, reporting requirements, and industry standards. Our team of experts keep abreast of changes in regulations and helps partnerships stay compliant.
  • Risk Management: Our team help partnerships identify and manage financial risks that may impact their business. We also provide recommendations on risk mitigation strategies and internal controls to safeguard the business’s financial health.
  • Software and Technology Solutions: We recommend and help implement accounting software and technology solutions to streamline financial processes, improve efficiency, and enhance data security for the partnerships.

Get in touch with us: 01243 251625, info@platinumas.co.uk

Our Partners