Setting Up Online Business With 2 Friends
Oct 24, 2009 in
Yahoo! Answers
I am thinking of setting up online business, but I am planning to work with 2 more friends. I was thinking register as self employed with HMRC, but there are 3 of us doing this together, is there a co-register or co-found for self employed so we don’t have to pay tax separately?
Many Thanks.
Gob00st
October 24th, 2009 at 11:44 am
You would be a partnership, but each partner is legally responsible for his or her own tax liabailities. However, you would produce one set of accounts and complete a partnership self assessment as well as your individual ones. There is space on the HMRC self employment registration form to show that you are part of a partnership.
October 24th, 2009 at 6:07 pm
Fengirl gives good advice. In addition, I’d advise you to draw up a proper agreement between the 3 of you. This helps in the event of disputes. There usually are some and they’re usually about money. With an agreement in place, it can take the heat out of a situation.
Good luck with your business!