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What is a business partnership?

Running a business with a business partner can be a great way to pool your resources, knowledge, and experience. Rather than setting up a limited company, you might decide to set up a business partnership instead.

Like any business structure, operating as a partnership has its own rules and regulations for those involved. A partnership is a formal structure for a business owned and run by two or more people who share the responsibility and the profits according to the percentage of the business that they own.

Read our guide to learn more about setting up and running a business partnership, or talk to one of the team about our online accounting services for partners and partnerships.


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The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

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VAT Returns

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