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Partnership, like sole trading, has the advantage of being relatively unrestrictive, but you should think the implications through very carefully before committing yourself to another person. Do you really need a partner? Don't forget that you will be sharing all your profit as well as your workload and problems, so you must be absolutely certain that your partner will be able to make a real end lasting contribution to the business. If there is a good match of skills, experience, financial commitment or contracts, partnerships can work very well. But you must have confidence in your partner's business judgment and not merely friendship. Tо you decide that partnership is the best way forward there are three extremely important matters which you must bear in mind:
Partners are jointly and severally liable for all partnership's debts. This means, for instance, that you should be liable for business debts incurred by your partners even if you know nothing of them. Each of you is responsible for the whole amount. This includes your partner's tax liability as well as your own.
You will not be in sole control.
Take legal advice before finishing it. Your partnership agreement is a very important document. Through it you ill place restrictions on the way you, as well as your partners, can operate. You must be sure that it provides n framework that both provides for growth in the business and protects your own interests.
Partnerships is a quick and easy method of setting up in business but make sure you get good professional advice about all the benefits and potential drawbacks.

1. Each of you is responsible for the 2. This includes your partner's tax liability as well as your own.3. Take legal advice before finishing it. Your partnership agreement is a very important document. 4. You must be sure that it provides n framework that both provides for growth in the business and protects your own interests. 5. Partnerships is a quick and easy method of setting up in business but make sure you get good professional advice about all the benefits and potential drawbacks.