Accounting for Partnerships
Coffey Co Accountants are here for you if your partnership needs help managing taxes and accountancy. We’ve got everything from tax planning bookkeeping services that can fit any budget or schedule.
We know that each partnership is unique and has different needs, so our dedicated team will work with yours until we find an effective action plan!
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.
1
Get in touch
We offer free consultations because it's so important to have the proper financial guidance. You can meet with one of our accountants in person or through video chat at your convenience!
2
Talk to an expert
We are here to help you grow your business, and we will provide a range of support services that can be tailored for different types of companies.
3
Get a quote
We believe in a pricing structure that is fixed and tailored specifically to each individual's needs, so you only pay for the services or support required.
Our simple process makes it easy to switch
There are no tax implications, and you can switch at any time in the year.
Our team will guide you through this process for a smooth transition! Our team will guide you through this process so that everything goes smoothly!
Ready to get Started?
We provide flexible appointment times so you can get in touch no matter what works best for YOU, so we're here for you.
Our team of accountants can take the next step with a chat – book yourself in on one of our video calls with Barry!
