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Sole traders / partnership

lisajayne1lisajayne1 Registered, MAAT, AAT Licensed Accountant Posts: 47
I have been approached to take on a new client
There are a partnership & I'd just like your views on a couple of matters:-
Firstly they want to start a second partnership (different business) & have asked me to set this up! Does AAT have a standard partnership template?
How much would you suggest as a charge to do this?

Secondly they have purchased 2 cars & a truck fully sign written, wholly for company use.. They are leased personally & draw the repayments from the company?? How would you incorporate these into the accounts? Can you? Clearly they are not on the balance sheet? She said they have loaned the company the money to buy them and the expense is the loan repayment!! So they currently have a liability on the b/sheet but no asset.

I'd appreciate any feed back please

Many thanks

Comments

  • lisajayne1lisajayne1 Registered, MAAT, AAT Licensed Accountant Posts: 47
    Hi meme89, apologies it's a partnership & not a company.

    I have made further enquirers regarding the cars & I need to speak to the client in more detail in relation to whether they are leased/Hp or it is an actual loan to the partnership ?

    I'm nervous to write in here as I feel really stupid. I am a classic over thinker & panic over things I've know as a bookkeeper for years! I think I just need reassurance sometimes as this is all new to me & people's lives & businesses are in my hands & I won't and can't do it wrong!

    Regards
    knightyo
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