Business Setup

Partnership

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

Success stories

How Wilson & Associates helps us with our profit turn-around and growth strategies – by Dr. Watson, CEO, Ethos Health,13/06/2018

A profit turn-around of almost 300%

20% savings on a tax assessment, coupled with 20% annual savings in tax compliance

A rigorous growth budget with full alignment of strategic objectives with executional strategies in terms of people and marketing.

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Wilson & Assoc provides robust planning, rigorous performance management, commercial and strategic advice, and helps drive profit and accelerated growth.

Improve cash flow. Maintain high level of trust and confidence with suppliers, during short cash-tight periods.

First year of engagement – reduce operating loss by 2/3

Second year turn-around to profit

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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.

What our clients say

5.0

Wilson and his team were second to none in sorting my tax obligations. With their competence, they clearly articulated the obligations, legalities, and solutions around my circumstances. I would highly recommend anyone to utilise Wilson & Assoc Chartered Accountants for personal or commercial accounting needs.

Chris Rhee

Management Consultant

A great experience using this company. Wilson and Mary were always so prompt in answering any queries and my tax return was prepared quickly. It was a pleasure to work with them and I would not hesitate to recommend them to anyone looking for this service. 5+ stars.

Ann Bradley

Accounting Practice Manager

Fantastic experience with Wilson! Really helped make the unpleasant tax return period as smooth as possible. He helped build my understanding of taxation, how I can leverage it to get the best return and helped rectify old mistakes I made. Highly recommended!

Jacob Irwin

Accounts Manager

My experience with Wilson has been really great. Wilson look the time to talk me through my tax return and made me feel very comfortable. I highly recommend to anyone looking for an accountant they feel they can connect with and remain with for future years. 10/10.

Lily Rose

Administration Officer

My employer recently changed accountant to Wilson and Associates and it has been nothing but positive for the progression of our company. The communication and dedication to providing excellent service is fantastic and nothing is ever too much trouble. I will be using Wilson for my own personal tax return as I am very impressed with the professionalism of Wilson and team. Highly recommended!

Elisha Curnow

Wattle Tree Country Retreat

2 months ago Starting a business was obviously a very daunting idea, but was made effortless and stress free thanks to Wilson and associates. They take the time to understand your needs, and help guide you through the process to make it as smooth as possible!

Scott Giblett

Build Emminence

Honestly, I've been with multiple different accountants and Wilson trumps them all. Apart from his diligence and attention to detail, he would explain the best options for my situation with both my failing business and my personal career, and would offer different options and explain the pros and cons of both extremely well. Honestly he is my financial Guru now and I haven't looked back

Andrew Chalouhi

Dough Fellas

From the first phone call we had with Wilson, we new we had found the right fit. Myself and team have been very impressed with the communication and updates along the way have been fantastic :) Wilson has gone above and beyond in getting us to were we need to be... 10/10 from the team @ Wattle Tree Country Retreat..

Chelsea Thompson

Wattle Tree Country Retreat

Wilson & Assoc Chartered Accountants has played a key role in our business turn-around, rapid growth and capital raise. They have provided financial structure and rigour to optimise decisions and outcomes of strategy implementation and performance enhancement. They have brought a new level of financial clarity and confidence to our decisions and choices, both strategic and operational.

Dr Trent Watson

CEO, Ethos Health

After going through many accountants that were hard to reach or just didn't care, I finally found Wilson and his team, who have the time and patience to talk through all of your accounting needs whilst also providing expert business advice. Thank you Wilson & Associates for making the positive difference that our business deserved.

Janalan Seelan

CTO, Booncave

Wilson is by far the best tax agent I have used. He is quick and thorough and a very friendly person to work with. I have already recommended him to friends and family. Will be coming back again and again.

Zana Serdar

Immigration Lawyer

Wilson is professional, friendly and an efficient Accountant. He did my complicated tax return overnight with an excellent results. I would highly recommend his services for any tax matter and business advice .

Vanessa Chan

Media Operations Manager

Wilson was impressive throughout the whole process of helping me with my tax return. Fantastic knowledge, timely, and took the time to listen to all of my concerns. Will definitely be calling upon Wilson in the future.

Sinan Brown

Biologist

Very Happy To have Wilson & Assoc as my Accountant for business and personal maters. Very professional, friendly and most of all he works hard to make sure you get the best outcome with your tax return as well as giving you the best advice to better your business. Always notifying me with every step when working on any procedures to do with my business. Doesn't matter if you are a big business or small you are treated with the same care and respect and given the same service. I highly recommend their services.

Ana Giusti

Restaurant Owner

I was very impressed with how thorough and quick they were. It made process smooth and flawless. Definitely going to use them again.

Bryce Taylor

Event Manager

My tax return was done very fast and efficient with all the paperwork included, I would definetly reccomend them.

Michael Antonakis

Ski Sport Photograher

I have been using a tax agent for eight years before I moved to Wilson this year for family tax returns. I found Wilson very calm, professional, helpful , empathetic and has an updated tax knowledge

Ranjan De Silva

Financial Controller

Wilson & Assoc Chartered Accountants has been of the greatest help to us personally and as small business owners. Their personal service, ongoing support and advice help to simplify accounting and taxation matters from the day to day through to end of year. And it's all done without a fuss.

Andre Ogle

Printing Business Owner

The service is professional, efficient and reliable and we trust Wilson to get the job done right. But most importantly, it’s so nice to deal with someone that is genuine and cares about the things that are important to us. Thank you for looking after us Wilson.

Vivien Chau

Financial Risk Manager

Wilson is a great accountant and extremely helpful know exactly what to do with my finances gives me complete step by step instructions on what to do to get my tax affairs in order. 👍👍👍 highly recommend him

Darren Truong

DT Builds

Zana Serdar

Immigration Lawyer

Thank you to Wilson of Wilson and associates for the hard work on my tax returns. The no fuss service was outstanding, considering the hard task that was set to him. My returns predated online lodgement (to the current system) with lots of paper documents and back checking. I highly recommend Wilson to anyone wanting good service and communication, and great outcomes. I will be definitely be using him for years to come.

Stuart Brown

Gardening & Landscaping

Very knowledgeable and professional service. Glad to have finally found a tax accountant that instills confidence.

Dominic See

IT Technician

Finally found an accountant that is courteous and knowledgeable but most importantly efficient with great pricing. He's always willing to look at different avenues to land on a positive outcome for us. We highly recommend his services.

Frank Ribosa

Surfing Accessories Supplier

I was very impressed with how thorough and quick they were. It made process smooth and flawless. Definitely going to use them again.

Bryce Taylor

Event Manager

I have recommended my clients to Wilson & Associates and the feedback has been very positive. Specifically that Wilson was professional, courteous and clearly explained complex tax rules in an easy to understand way, without any jargon. If you're looking for a great a tax agent and accountant, definitely contact Wilson & Associates.

Jason He

Mortgage Broker

Wilson is very professional and had helped me resolved my complex issue with the tax office. I highly recommend him.

Kevin Yeo

Engineering Manager

Another year tax return done, thank you for making this yearly experience so easy, fast and professional.

Emer Elias

Receptionist

Wilson is very knowledgeable, helpful and reliable. I have only had positive experiences and would highly recommend him.

Marzanah Parvin

General Practitioner

Very proactive, professional and educates where required.