Legal Responsibilities For A Business Partnership
You’re personally responsible for your share of:
- any losses your business makes
- bills for things you buy for your business, like stock or equipment
You can set up a limited partnership or limited liability partnership if you don’t want to be personally responsible for a business’ losses.
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 in a partnership.
You must choose a name for your partnership and register it with HM Revenue and Customs (HMRC).