Knowledge

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.

 

Help and advice
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