Home – New Forums Starting your journey traiding as partnership

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  • #990658
    bondy009
    Member
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    Hi,

    Considering starting a mobile food van business, If we set it up as a partnership can only one of the partners claim income while the other is a silent partner .
    The silent partner would be on maternity leave.
    appreciate any advice

    cheers

    bondy009

    #1178044
    Dave Gillen – Former FS Concierge
    Keymaster
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    Hi bondy,

    I can’t help you out, but want to welcome you onboard the forums! Good luck with the biz and hopefully we’ll see you around. :)

    Dave

    #1178045
    ThexArm
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    I am thinking when you are going to set up your partnership, you will have to go through an accountant or a lawyer. They can advise you of the implications of a partnership.

    Generally, you can have a active partner and sleeping partner. But the profits would be divided as per your partnership deed. With a partnership structure all partners are liable to full extend of a liability of any kind in relation to the business irrespective whether a partner is active or sleeping.

    Strongly suggest you to consult an accountant before starting out.

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