Partnership & company formation

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ijaccounting
ijaccounting Registered Posts: 9 Regular contributor ⭐
in General accounting discussion
Hi There,
Ok, taken the plunge and gone solo and lucky enough have my first customer, a partnership and I was asked if I could draw the partnership agreement to start with!. No idea how to organise the paper work for either partnership or a company; any help how to draw these documents would be highly appropriated.

:confused1:

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  • BIG WAL
    BIG WAL Registered Posts: 133 Dedicated contributor 🦉
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    It makes perfect sense to have a formal partnership agreement in place, which need not be complicated.Sadly many partnerships don't bother with this, creating massive problems if things later turn sour -
    which is too frequently the case.

    However,this is best dealt with by a solicitor, and definitely not something for an accountant with no
    legal qualifications to undertake. Without the relevant legal knowledge you would lay yourself
    open to all sorts of future problems if there were any flaws in your contract. Your PI will certainly not
    cover you.

    Explain that whilst you are fully qualified to deal with accounting issues, you are neither trained nor
    authorised to handle legal contracts, which is what a partnership agreement is.
  • BIG WAL
    BIG WAL Registered Posts: 133 Dedicated contributor 🦉
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    Company formation is straightforward. You can do it yourself for as little as £18 direct from Companies
    House. However, till you have more experience it may be an idea to use a specialist Company
    Registration Agent. Loads available if you check online.

    Many different prices charged, but you can pass charge on to your client. I would suggest something
    no more than in the region of £50/£60. You don't need a lot in the way of fancy bells and whistles.

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