If you need to form a Sole Tradership or Partnership (without limited liability) you will need the following:
- A business name name,
- Bank account,
- tax registration,
- a partnership agreement if more than one person involved,
- website if required,
- managerial advice
For queries and to contact us, email tax@fixmytax.com with your particular requirements and we will organise the paperwork and in business!
The Partnership Act of 1890 is the most compact piece of legislation ever written by virtue of its range and content and is still a benchmark despite recent changes.
Anybody proposing to set up a business partnership is recommended to take cognisance of the basic provisions. If you do not have a written partnership agreement between the parties then the Partnership Act 1890 automatically applies.
(Note that the Partnership Act 1890 is subject to legislation enacted since 1890 and legal advice is recommended to ensure that all your issues have properly dealt with.)
Download the Patrtnership Act 1890 click here..
If you buy a property jointly with another person or persons it is important that you draw up an agreement that takes care of how the ownership of the property if one of the parties:
a) wants to cash in their interest in the asset or
b) is deceased
c) wants raise finance and redevelop the asset
d) become a sleeping partner
It is very important that the remaining individual has a clear structure to follow and is not saddled with a disagreeable party whom they cannot have cordial relations with and is unable to resolve the situation of the assets as a result.
In particular it is important to set down rules govening the option for the remaining partners to purchase the interest of the retiring partner or from the estate of a deceased partner.
Also it is important to set down rules governing the development of the asset and the raising of finance to do same.
If you require more information please consult your tax advisor or email us at tax@fixmytax.com.
