Partnerships

Partnerships provide an alternative to setting up and running a companyA private company limited by shares incorporated and registered in England and Wales. . They do not offer the same financial protections as a limited companyA public or private company whose owners are responsible for its losses only to the extent of the amount of money they invested. but can be a useful, flexible way to run your business. These Q&A include an introduction to the different types of business partnership and their characteristics, explains how these differ from a companyA private company limited by shares incorporated and registered in England and Wales. , and provides guidance on how you can set up and run a general or ordinary partnershipA business arrangement where two or more people carry on a business together with a view to making a profit (not an LLPA Limited Liability Partnership. This is a type of partnership. Much like a company, an LLP has its own separate legal identity and can enter into its own contracts and incur its own bills and debts. The partners of a limited liability partnership all have an agreed limit on their own personal liability.). There is also an accompanying template partnership agreement that you can personalise for your own business.