Checklist: set up a business partnership
A handy checklist of steps you must take when you are initially setting up your business partnership
To set up your business partnership properly, there are a few key questions to consider. Keep in mind that as your business develops, new legal and tax requirements may arise.
How do I register my business partnership for self assessment with HMRC?
To set up your tax and National Insurance records, you must register your partnership for Self Assessment with HM Revenue & Customs (HMRC). If your partnership is a limited liability partnership (LLP), both the business and the individual partners must be registered - see understanding Self Assessment and your tax return.
Do I need to register my LLP with Companies House?
If your business partnership is an LLP, you must register your business with Companies House - see starting a company or partnership.
Do I need planning permission for my business?
Obtain any planning permission that you may need from your local council - find your local council in Northern Ireland.
What licenses or permits do I need for my business?
Your business may require specific licenses or permits to operate legally. Use the licence finder tool to find out what licences or permits your business may require.
Do I need to pay business rates, and how do I check?
Contact the Land and Property Services to find out whether you need to pay business rates - see business rates: the basics.
Do I need to register for VAT for my business?
If your business expects an annual turnover of more than 拢85,000, you are required to register for VAT with HMRC. If your turnover is below this, you can still choose to register voluntarily - see registering for VAT.
How do I register for PAYE if I have employees?
If your partnership has employees, you must register for Pay As You Earn (PAYE) with HMRC - see registering and getting started with PAYE.
How do I register for the construction industry scheme (CIS)?
If you're a contractor or subcontractor in the construction industry, you must register for the Construction Industry Scheme (CIS) with HMRC - see contractors and the Construction Industry Scheme.
How do I set up a financial record-keeping system for my business?
It鈥檚 essential to have a financial record-keeping system to manage your business finances - see set up a basic record-keeping system.
Where should I include my business name on stationery?
Make sure your business name appears on all official business stationery, including letters, invoices, receipts, and cheques - see name your business.
How do I set payment terms with customers?
Set clear terms and conditions for your customers, including specific invoice payment deadlines - see ensure customers pay you on time.
What business insurance do I need, and how do I get it?
Ensure all business insurance requirements are in place - see business insurance: the basics.