Registration requirements and formalities
To establish and run a partnership, partners must complete the below formalities:
- Those partners who are individuals must be registered with HMRC as self-employed before setting up a partnership.
- Partnership must be register with HMRC.
- One of the partners should be made responsible for filling in the Partnership Tax Return and submitting it to HMRC.
- In a partnership, all partners are equally liable for any penalties for late or incorrect submission of the Partnership Tax Return.
Generally, the registration with HMRC is sufficient for a partnership to start operating. In some cases however, a partnership may need to obtain some additional permits or licenses to operate.