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Partnership Businesses
If you have a start-up business or have drifted into tutoring without much of a plan, then today's podcast is the one for you. Join Neil and discover the three business partnership structures which can help keep you safe and alert to pitfalls, allow you to stay on the right side of the law and most importantly, help you to keep the taxman happy.
KEY TAKEAWAYS
- An ordinary partnership is a basic business structure. It is owned by two or more partners, you share the profits and have joint liability for the business. There is no need to register with Companies House but you must register with HMRC.
- An advisory is to draw up a partnership agreement so that everyone knows the rules, who does what, gets paid what and when things should happen.
- A limited partnership is not a separate legal entity but is a relationship between partners. There are two types of partners, limited and general. You must register the business with Companies House, have a business address, register the business for self-assessment with HMRC and act for the business if it’s wound up and dissolved.
- A Limited Liability Partnership is the most demanding partnership structure. You can set up this type of business with two or more members, each partner pays tax on their share of profits.
- In a limited liability partnership you will need to choose a name, have a registered address, register with Companies House and have an LLP agreement.
- You should make an LLP agreement with any other members as part of setting up your LLP. This sets out how the LLP will be run, including how profits are shared among members, who need to agree on decisions, members responsibilities and how members can join or leave the LLP. A solicitor can help you prepare an agreement or you can write your own.
BEST MOMENTS
“here’s the skinny on partnership business”
“This helps avoid arguments later.”
“Quite a lot more than an ordinary partnership, but with some significant advantages, too.”
“Designated members have more responsibilities than ordinary members.”
VALUABLE RESOURCES
- Listen to The Tutor Podcast on the Apple Podcasts (https://podcasts.apple.com/us/podcast/the-tutor-podcast/id1369191372)!
- Build Your Online Course Week 1: https://podcasts.apple.com/us/podcast/build-your-online-course/id1369191372?i=1000477109724
ABOUT THE HOST
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years of experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
CONTACT METHOD
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By Neil Cowmeadow
4.5
1010 ratings
If you have a start-up business or have drifted into tutoring without much of a plan, then today's podcast is the one for you. Join Neil and discover the three business partnership structures which can help keep you safe and alert to pitfalls, allow you to stay on the right side of the law and most importantly, help you to keep the taxman happy.
KEY TAKEAWAYS
- An ordinary partnership is a basic business structure. It is owned by two or more partners, you share the profits and have joint liability for the business. There is no need to register with Companies House but you must register with HMRC.
- An advisory is to draw up a partnership agreement so that everyone knows the rules, who does what, gets paid what and when things should happen.
- A limited partnership is not a separate legal entity but is a relationship between partners. There are two types of partners, limited and general. You must register the business with Companies House, have a business address, register the business for self-assessment with HMRC and act for the business if it’s wound up and dissolved.
- A Limited Liability Partnership is the most demanding partnership structure. You can set up this type of business with two or more members, each partner pays tax on their share of profits.
- In a limited liability partnership you will need to choose a name, have a registered address, register with Companies House and have an LLP agreement.
- You should make an LLP agreement with any other members as part of setting up your LLP. This sets out how the LLP will be run, including how profits are shared among members, who need to agree on decisions, members responsibilities and how members can join or leave the LLP. A solicitor can help you prepare an agreement or you can write your own.
BEST MOMENTS
“here’s the skinny on partnership business”
“This helps avoid arguments later.”
“Quite a lot more than an ordinary partnership, but with some significant advantages, too.”
“Designated members have more responsibilities than ordinary members.”
VALUABLE RESOURCES
- Listen to The Tutor Podcast on the Apple Podcasts (https://podcasts.apple.com/us/podcast/the-tutor-podcast/id1369191372)!
- Build Your Online Course Week 1: https://podcasts.apple.com/us/podcast/build-your-online-course/id1369191372?i=1000477109724
ABOUT THE HOST
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years of experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
CONTACT METHOD
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