A Partnership is a business owned and run by two or more people, with the partners sharing the profits according to the percentage they own. All partners are responsible for the debts and contracts of the business and are personally liable if the business does get into financial difficulties.
Partnerships can be a great way to operate if you are looking for a simple way of going into business with one or more people.
Cheap and simple to operate
You don’t have to worry about paying yourself a salary
You don't have to deal with Companies House, just HMRC
Easy to set up and close down
The partners are personally liable for the debts of the business
If your profits are over £40,000 it can be less tax efficient