Trusted Accountants Limerick
Partnership Accountant
Accounting for Partnerships
What's the best partnership for you?
When two or more people start a business, they must decide how it will be run. There are three main types of partnerships: joint ventures where each partner has equal responsibility and control; limited liability companies (LLC’s), which offer protection from personal debts but not for unpaid obligations such as taxes owed by an organization–these can leave the partners liable if there isn’t enough money left over after expenses have been paid; finally, we’ve got general partnerships where all profits go into one jar shared between active members based upon pre-agreed percentages.
Pros and Cons of Partnerships
Pros
- You are not liable for the debts and obligations of the business.
- Partnership agreements can be modified to fit your specific needs
- LLC’s offer more protection than general partnerships
- Partnerships provide an opportunity to share skills, knowledge, and resources
Cons
- Increased liability
- Decisions can take a lot of time and effort
- More likely to disagree with one another on decisions
- If a partner leaves, they are still liable for any actions taken by the company
We can help partnerships with their accounting, just follow these 3 easy steps.
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Unlimited Accountancy Support for your Business
We’re the accounts professionals you turn to for reliable year-end accounts, monthly accounting services, tax advice, VAT returns, payroll and business advisory.
At Coffey & Co Accountants, we will ensure your books are always in perfect financial harmony, no matter what month.
Are You Planning to Change Accountants?
If you are looking for a new accountant in Limerick, it is worth knowing that there are no tax implications and that you can switch accountants at any time of the year.
Our team will guide you through changing accountants to ensure a smooth transition.
