Andrew Needham looks at the different types of partnership and their advantages and disadvantages for the partners and their liabilities for VAT debts.
There are different types of partnership, and partners joining or leaving need to understand what liability they have for the debts of the partnership, particularly after they have left.
Types of partnership
There are basically three types of partnership; these are:
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a general partnership;
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a limited partnership; and
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a limited liability partnership.
Partners in the different types of partnerships have different liabilities for the debts of the partnership, so it is worthwhile understanding the basic
