Partnerships

Asset Protection and partnership tax

While partnerships offer considerable capital gains tax advantages, they suffer from joint and severable liability for each of the partners. It is extremely important that all partners ensure they incorporate appropriate asset protection strategies into their wealth planning.   Partnership of trusts are increasing in their popularity because they offer similar capital gains tax advantages but offer more effective asset protection and income streaming.

Your structure is often determined for you by your governing body. We are familiar with the systems of external and self-regulation for Solicitors, Lawyers, Surveyors, Consultants and Agents. Most bodies are now incorporating a more flexible approach to their members’ operational structure. If you are contemplating changing your partnership it may be appropriate to completely review your structure.

Talk to us about a review today. 

Partnership strategy, planning and mergers

Partnerships can be difficult structures to manage, since the owners also act as employees. As the saying goes “it is hard to see the woods for the trees”, concentrating on giving excellent service to your clients can result in neglecting the future of your own business. We are conscious of these challenges and can offer experience and objectivity to help you develop planning methods so that your partnership is run on a sound commercial basis.

The tax treatment of partnerships can often be very complex. It is particularly important to take into account the individual tax situation of each of the partners. No one likes those nasty shocks at the end of the year! Dillon & Elbourn can help you through this minefield. Contact us to find out how

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