Set up a business partnership
Checklist: set up a business partnership
To set up a business partnership there are several things you must do. Make sure that you:
- Register the business for Self Assessment with HM Revenue & Customs (HMRC) so they can set up your tax and National Insurance records. If your business partnership is a limited liability partnership (LLP), you must register the business for Self Assessment with HMRC and you must also register separately as an individual. See understanding Self Assessment and your tax return.
- If your business partnership is a limited liability partnership (LLP), you must register your business with Companies House. See starting a company or partnership.
- Obtain any planning permission that you may need from your local council. Find your local council in Northern Ireland.
- Obtain any licences or permits that you may need. Use the licence finder tool to find out what licences or permits your business may require.
- Contact the Land and Property Services to find out whether you need to pay business rates. See business rates: the basics.
- Contact HMRC to register for VAT if you expect to have turnover of more than £85,000 a year. See registering for VAT.
- Register with HMRC for PAYE (Pay As You Earn) if you employ staff. See registering and getting started with PAYE.
- Register with HMRC if you are a contractor or subcontractor in the construction industry. See contractors and the Construction Industry Scheme.
- Set up a financial record-keeping system. See set up a basic record-keeping system.
- Put your name on all your business stationery, including letters, invoices, receipts and cheques. See name your business.
- Set terms and conditions for your customers, such as when your invoices are to be paid. See ensure customers pay you on time.
- Ensure all business insurance requirements are in place. See business insurance: the basics.
It's worth remembering that this is just a start. As you continue in business, you may have other legal and tax issues to bear in mind.