What is a partnership
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
There are several types of partnership arrangements. In common partnerships, all partners share liabilities and profits equally. In limited partnerships, partners may have limited liability. There also is arrangement that involves “silent partner,” in which one party is not involved in the day-to-day operations of the business.
Advantages and disadvantages of a partnership
The advantages of a partnership include:
- Easy to establish
- Low start-up costs
- Greater borrowing capacity
- Limited external regulation
The disadvantages of a partnership include:
- Unlimited liability
- High chances of complications between partners.
- Each partner is personally liable for company’s obligation
How we can help
We can help
- Register partnership name
- Register ABN, TFN, GST, PAYG and relevant taxes
- Create partnership books of accounts
- Manage ongoing tax, GST, PAYG and other compliance
- Optimise tax for the partnership and partners
How Wilson & Associates helps us with our profit turn-around and growth strategies – by Dr. Watson, CEO, Ethos Health,13/06/2018
Wilson & Assoc provides robust planning, rigorous performance management, commercial and strategic advice, and helps drive profit and accelerated growth.
What we are about
We empower businesses to unleash through financial rigour.
Imaging the total freedom to craft your vision. Experience the confidence from financial clarity. Act at your best and highest potentials in the face of the toughest challenges from financial insights. See and touch the future from our financial modelling. Respond swiftly and decisively with pre-formulated choices to optimise to your decisions.
As your trusted CFO, we illuminate the roadmap to your vision and propel your business to your goals, whatever your business position or transition, be it startup or transformation, growth or consolidation, exit or succession.
We bring 20+ years’ experience managing finance at large corporates delivering solutions to complex problems of all scales. We provide large corporate financial capabilities at a minimum cost.
Join us on our journey from clarity to insights, to certainty and confidence, to intentional and deliberate responses at the highest order, to build financial agility and resilience.