Forming a partnership can be a relatively straightforward way to set up a business for two or more self-employed people. It does not involve high start-up costs or an onerous administrative burden, and provides a way of sharing office and property costs, management responsibilities, risks and profits.
Nevertheless, whilst joining forces with others can mean that there is more money to invest in the business, it is not without its potential downsides. If, for example, your partner cannot pay his/her share of the debts, you (and any other partners) become responsible for it. A limited liability partnership (LLP) offers a way to limit personal responsibility.Last Updated
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Financing a partnership
Financing a partnership
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Financing a partnership
