What is a partnership
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
There are several types of partnership arrangements. In common partnerships, all partners share liabilities and profits equally. In limited partnerships, partners may have limited liability. There also is arrangement that involves “silent partner,” in which one party is not involved in the day-to-day operations of the business.
Advantages and disadvantages of a partnership
The advantages of a partnership include:
- Easy to establish
- Low start-up costs
- Greater borrowing capacity
- Limited external regulation
The disadvantages of a partnership include:
- Unlimited liability
- High chances of complications between partners.
- Each partner is personally liable for company’s obligation
How we can help
We can help
- Register partnership name
- Register ABN, TFN, GST, PAYG and relevant taxes
- Create partnership books of accounts
- Manage ongoing tax, GST, PAYG and other compliance
- Optimise tax for the partnership and partners
How Wilson & Associates helps us with our profit turn-around and growth strategies – by Dr. Watson, CEO, Ethos Health,13/06/2018
Wilson & Assoc provides robust planning, rigorous performance management, commercial and strategic advice, and helps drive profit and accelerated growth.
What we are about
We are passionate about bringing big company financial capabilities to startups and small businesses without the big costs.
Our mission is to help you create the financial future you want for your business, yourself and your family.
Our business is to help you build wealth, increase cash and profits, and grow amazing business.