Maz & Co Accountants
and business advisors
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2nd Floor - 14 St.Peters Street - Ipswich - IP1 1XB
Certified Public
Accountants
PARTNERSHIPS

At Maz & Co Accountants we can help your business partnership with all of your accountancy needs.  A business partnership shares control, responsibility and finances between two or more people.

The partner or partners would take on full liability for any debts incurred by the business and all profits would be shared equally. Ordinary partners also take on equal responsibility and decision-making in the running of the business. There are advantages and disadvantages to entering into a business partnership.

Business Partnership Advantages:
  Business partnerships are relatively easy to establish; make sure time
     is taken in drafting partnership agreements to avoid future problems.
 With more than one owner, the ability to raise funds may be
     increased.
 The business can benefit using the knowledge base and experience of
     all of the business partners.

Business Partnership Disadvantages:
 Business partners are jointly and individually liable for the actions of
    the other partners.
 Business partners, like sole traders are 100% liable for the actions of
    the business.
 Profits must be shared evenly between all partners.
 Since decisions are shared, disagreements can occur, and therefore
    the decision making process can take longer.
 Some employee benefits are not deductible from business income on
    tax returns.

Is a partnership suitable for your situation?
We are happy to discuss your current and potential business situation. Whether you are venturing into a new business partnership, or you are already established, we can assist you in all financial aspects of your business partnership. Take advantage of our expert knowledge and allow us to guide you through the potential pitfalls of a business partnership.