Transcription of Introduction - Carson & Trotter
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Introduction - Carson & Trotter
Partnership taxtaxb-tg-bk-en-GBOctober 5, 2012 - 09:41352 All Rights ReservedPage 1 of 16 IntroductionA business partnership is a relationship between two or more persons who are in businesstogether with a view to making a pro t. Those persons may be individuals, companies or possiblyeven existence of a partnership is a question of fact. There does not have to be a writtenpartnership agreement, but it is preferable to formalise the relationship between the partners ina written agreement to avoid future disputes, which sadly are all too common with written agreement is also useful in cases where HM Revenue & Customs (HMRC) disputes that apartnership conventional partnership is not a legal entity in England and Wales, unlike a company. It cannotexist separately from its members. Even where it is a legal entity as in an LLP (see below), formany tax purposes it is treated as being transparent.
taxb-tg-bk-en-GB October 5, 2012 - 09:41 352 All Rights Reserved Page 1 of 16 Introduction A business partnership is a relationship between …
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