I am thinking of doing the same but I was thinking about getting everything drawn up legally not sure what solicitors you would go to. Does anyone have a idea what it would cost. Currently I have all the equipment and stick to place straight into a salon she only has a beauty bed. I would be free to work 5 days a week whereas she wouldn’t be at the start so many things would need worked out but no idea how this would be done. I am thinking about doing of writing down all my equipment and would need to do stock too can anyone help to how as to what is the best way forward
Partnership in a salon?
- Thread starter Mstango
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BannerPenguin
Well-Known Member
I think you're very wise to have a legal document drawn up properly. To do this though you both need to discuss the ins and outs of your agreement amongst yourself and then take this to a solicitor. No doubt it won't be cheap but the right thing to do. Also instead of a partnership, a limited company with 50% shared may be better. You'll need to work out how each of you will get paid for your efforts etc. so worth looping in an accountant too.
What’s the difference between partnership and limited company 50%? Just so I know. I currently have a book keeper to do my accounts do you think I could just involve him rather than an accountant who will be much more expensive just trying to keep my costs low.
BannerPenguin
Well-Known Member
There are some differences on the legal structure of the company - https://www.forbessolicitors.co.uk/...ences-limited-company-partnership-sole-trader
It's best explained by an accountant. Bookkeepers are fine but generally speaking, they won't have the knowledge or expertise of a good accountant who will be able to offer you advice on subjects such as the above. Also, accountants will save you more on tax than they cost generally
It's something very important to get right regarding your personal taxes, NI contributions and all that kind of stuff.
It's best explained by an accountant. Bookkeepers are fine but generally speaking, they won't have the knowledge or expertise of a good accountant who will be able to offer you advice on subjects such as the above. Also, accountants will save you more on tax than they cost generally
It's something very important to get right regarding your personal taxes, NI contributions and all that kind of stuff.
salonfrog
Accountant for salon owners
Hi Mstango
There's quite a difference between a partnership and a Ltd company. I would advise you speak to an accountant to get the specifics on each. Even with a partnership, there are different categories - for example an LLP (a limited liability partnership) has become more popular recently.
If you need further advice, feel free to PM me and we can have a call to chat through.
thanks,
Andrew
There's quite a difference between a partnership and a Ltd company. I would advise you speak to an accountant to get the specifics on each. Even with a partnership, there are different categories - for example an LLP (a limited liability partnership) has become more popular recently.
If you need further advice, feel free to PM me and we can have a call to chat through.
thanks,
Andrew
