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Setting up and running a partnership
Setting up and running a partnership
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Setting up and running a partnership
01: Introduction
A partnership offers a simple and flexible way for two or more people to start up in business together. Unlike a limited liability partnership or limited company, a partnership has no legal existence distinct from the partners themselves. It is merely a vehicle linking two or more people in a simple business structure. The profits are shared among the partners, who are normally self-employed and individually responsible for paying income tax on their share of the profits. They are also jointly responsible for any losses.Last Updated
