Sole Trader or Partnership
Whether you’re a sole trader or partnership keeping up to date with your accounts and tax returns can be complicated. That’s why here at IBC Accountancy our aim is to offer a complete end to end service to take care of all your accounting and tax needs
What is a partnership?
In a partnership, two or more individuals join together to run the business enterprise. Each of the partners has ownership of the business assets and responsibility for the businesses liabilities.
What is a sole trader?
In contrast a sole trader is typically a business owned and run by one person. The business is not considered to have a separate legal identity but rather is an extension of the individual who owns it.