Formalities if you dont draw up your own partnership

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FORMALITIES If you don't draw up your own Partnership Deed ( details of : authority, salary, termination ) ? Partnership Act 1890 applies by default ........... HMRC wants to know you are self-employed & in a partnership ; VAT ; 'nominated officer' needed. EMPLOYEES ( see previous ..... ) ....... contd. .............
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LMC PARTNERSHIPS ..... contd. ..... LIABILITIES Personal Unlimited Joint & Several ( n.b. All agents and bind each other ; n.b. Duties towards each other include : disclosure, honesty, good faith, avoidance of conflict of interest ) … contd. ……
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LMC PARTNERSHIPS Limited Partnerships Act 1907 Register Companies House Investor who does no work & has limited liability Limited Liability Partnerships Act 2000 ( & Regs) Register Companies House ..... Register HMRC ........ 'LLP' ...... Not partners but 'members' ..... still agents for each other Liability belongs to the LLP – has own personality & perpetual succession. Members' liability therefore limited to loss of investment.
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LMC LIMITED COMPANIES
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LMC LTD. CO. Companies Act 2006 FORMALITIES Register Companies House ( 'off the shelf' ? tailor-made ? ) Certificate of Incorporation ...... Register HMRC ......
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  • Fall '19
  • Corporation, HMRC, corporate liability

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