Partnerships

Partnerships can be a superb way of bringing a diversity of talents together.

This can be an exceptional structure to operate in and allow all partners to share responsibilities.

One thing to note is that all partners are equally responsible for both profit and losses generated by the business.

Furthermore, the levels of physical drawings can sometime differ from the share of profits, which can cause overdrawn capital accounts and add unnecessary pressure of being in business for each person.

Here is how we can help:

• Guidance on how to manage the agreed profit share over the number of partners.
• Advise on the preparation of a firm partnership agreement and ensure this has been signed and accepted by all partners to prevent any future problems.
• Review your internal operations to ensure all partners are working to their strengths.
• Support business communication especially in the event of a dispute or discord amongst partners.

A partnership is a great way to spread the workload and make it easier to manage a business, however decision making can become a bit more complex.

Our experienced team can provide that essential planning and ongoing support throughout your business journey.