Partnership or Limited Liability Partnership for new business
shaolin.grace started this topic @ 18:49 on 21/01/2008
Hello
I'm going to start-up a Martial arts club with a friend and I'm not sure if a Partnership or a Limited Liability Partnership would be better for us
We are going not going to get any loans to start the business.
The income from the business will not be much over £5.000 - £10.000 a year, and we are not planning to invest most of the income for the first year into the business. We both work full time
Thank you
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RE: Partnership or Limited Liability Partnership for new business
apr | 21/01/2008 07:53 PM
Hi
Both are taxed the same ie as individuals yet Limited Liability offers as it suggests limited liability. In reality banks would want personal guarantees anyway.
Andrew
------------------------
Andrew Ripley CAT ACMI MIMI
http://www.onestopbusinessadvisers.co.uk
One Stop Business Advisers Limited
Chartered Accountants
Tel: 07900 404 702
Fax: 0871 7143 259
RE: Partnership or Limited Liability Partnership for new business
Pineway | 28/01/2008 01:05 AM
Hi
You could do it via a Limited company or a Company Limited by Guarantee which is a type of company that does not have a share capital or shareholders and is usually formed to manage a charity or not for profit organisation such as a sports club or political party. Rather than having shareholders a limited by Guarantee Company will have guarantors (or trustees), such individuals enjoy limited liability.
Regards
Dave