Partnership

The partnership is a form of cooperation in which two or more persons contribute money, capital and/or labour in order to benefit. As a form of company, the partnership is used for the liberal professions such as doctors, accountants, lawyers and notaries. In addition, the partnership is used to invest jointly or to share costs.

Agreement

Although there are no formalities for setting up a partnership, it is advisable to have a good contract drawn up in which the agreements between the partners are laid down. Here, it is important to pay attention to the powers, and what kind of effort must be made by the partners. But also what happens if a partner leaves and much more.

Liability

In a partnership, each partner is equally liable for the partnership's debts. If you are not a partner of the partnership in private, but through a private limited company, that private limited company is liable instead of you as a private person.

Taxes

The partnership is fiscally transparent. Tax transparent means that for income or corporate tax purposes, it is not the partnership that is liable to tax, but the partner for his share in the partnership's assets.
For income tax, sales tax and transfer tax, the partnership is indeed taxable itself.

End of the partnership

If one of the partners dies or retires, the partnership ends. In a partnership contract, you can make arrangements so that the partnership can still continue in the event of death or withdrawal. You can also arrange when a partner must resign and what the financial consequences of resigning are.

Although a notary is not required for setting up a partnership, we have so much specialist knowledge in this area that it is useful to make use of it. This way, you can avoid expensive legal proceedings. We will be happy to assist you in setting up a partnership and assessing an existing partnership contract.