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In a partnership, you and your partner (or partners) personally share responsibility for your business. This includes:
Partners share the business’s profits, and each partner pays tax on their share.
A partner doesn’t have to be an actual person. For example, a limited company counts as a ‘legal person’ and can also be a partner – see set up a limited company.
When you set up a business partnership you need to:
The ‘nominated partner’ is responsible for managing the partnership’s tax returns and keeping business records.
There are different rules for limited partnerships and limited liability partnerships (LLPs) – see GOV.UK guidance on set up and run a limited liability partnership and set up and run a limited partnership.
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