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partnership

One of the first, and most important decisions you make when you set up a new business is to decide what type of legal structure you should work under.
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When you start a business with someone else, it’s always a good idea to lay down some rules on important issues, such as; how you will run the company, your respective responsibilities and what happens if someone wants to leave the business. Agreeing on how you will handle these, and other important matters, will save a lot of anguish down the line.

If you are going into business with other individuals working under a partnership structure, you should do this with a Partnership Agreement. If you are setting up a limited company, you will a need to record these in a Shareholder’s Agreement.

This guide explains what a Shareholder’s Agreement does, who should get one and what should be included in the document.
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The type of structure you use will depend on a number of factors unique to the business you want to start. In this article, we look at the main structures – sole trader, limited company, partnership and LLP and highlight the pros and cons of using each one.
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If two or more people wish to go into business together, and don’t want to set up a limited company, a partnership offers a simple way to get started. It is similar in many ways to going the sole trader route for an individual.
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Business is all about partnerships – public-private partnerships, supplier relationships, collaboration with colleagues and competitors, and of course the way you work with your customers.

So it’s never a good thing when you find your closest partnership – that with the fellow leaders of your business – has begun to break down.

It’s the same old story – you start out bright-eyed and bushy-tailed, full of optimism, but even if your business is successful, the cracks can start to show when you try to decide where to go next.

Without a partnership agreement in place, it’s hard to tell who’s actually got the decision-making power, and companies can collapse in a matter of minutes when it all comes to a head.
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Figures released by the Department of BIS today show that there are now more private sector businesses in the UK than ever before – 4.8 million of them at the start of the year.
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Most small businesses set up as either sole traders, or limited companies. In this section of ByteStart’s Start-Up Guide, we look at the most commonly used business structures in the UK.
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When you start up as a sole trader, or partnership, you will be liable for a series of business-related taxes, as well as the ones you will have been used to as a normal employee.
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The number of people setting up business with their partners is on the rise. How can couples operate a successful enterprise while keeping their business and work lives separate and healthy?
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There are so many different skills that have to be mastered when you start and run a business, that it can be quite overwhelming. This article looks at the benefits and issues you may need to be aware of when working with a business partner.
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Many small businesses are partnerships. Yet circumstances and ambitions change, partners fall out or die. Without a good partnership agreement things can get acrimonious. Here’s how to protect yourself from the start.
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Recession hit business owners, operating as a partnership, are being urged to reorganise their firm “as a matter of urgency” to reduce the risk of personal liability for business debts.
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