Partnerships are similar to sole proprietorships in that the owners of the business personally own all the assets of the partnership and are personally responsible for the liabilities of the partnership. The basic difference between a partnership and sole proprietorship is that a partnership has more than one owner (referred to as a partner). The partners can employ others to help in operating the business, but they usually have a hand in the operation or management of the business.
Alvox Accounting & Tax Services provide complete Accounting Bookkeeping and Tax services for partnerships. Partnerships itself doesn’t file tax return but partners has to report their appropriate share of profit or loss from the partnership. Our team of professionals fully understands partnership accounting and tax matters.
We also help to form a partnership, for further details you can contact us for free initial consultancy to form partnerships.