A partnership business is run by two or more persons who agree to contribute assets to the business and share in the profits or losses. If you are planning to start a new partnership or you have already established your partnership, we at Top Branch can help you.

Advantages of business partnerships

• Easy to establish
• Easy to draft partnership agreements and contracts
• Right agreements will avoid future disagreements and problems
• It is easier to borrow money or raise capital with more than one owner
• Different skill sets and experience from 2 or more partners help the business during establishment stage and then during future growth

Disadvantages of business partnerships

• Disagreements can occur between two people no matter how many contracts are made up
• One partner is liable for the action of the other partner
• Decision making process can be little slower

Top Branch Partners has been helping partnership businesses for years. We understand the confusion and potential misunderstandings that could arise from not being clear on the books. Maintaining and accurately watching separate capital and withdrawal accounts can be time intensive for you. This makes it difficult to do on your own. Just contact us and we will be delighted to help with your partnership accounting.