[Steven Biggs]

I'm thinking of making the lad a partner . I'm hitting 50 this month and wanting to slow down a little . He's grafting really well and want to reward him and give him some more incentives and a bit more responsibility . Has anyone got any advice on the pros and cons , is it more work for the accountant anything else . Or would. I be better just giving him a wage rise .  cheers barry .

[NWH]

One thing is certain if you make him a partner you will see the true him I take it he's not your son,all of a sudden he's equal to you ie hours he works days off deciding he doesn't want to clean that house anymore the list goes on. Had someone work for me for quiet a few years and then he met a woman that tried to run my business for me lol hence he was down the road with a flea in his ear.

[andyM]

Make sure you get him to sign a Pre-nup. 

[NWH]

How to change someone's personality overnight,make them a partner lol.

[Steven Biggs]

He his my son . I would never make an employee a partner .

[NWH]

Oh right different story then,what a lovely Dad you are. ✍✍

[andyM]

He his my son . I would never make an employee a partner .

The both of you might even be better off doing that for tax purposes.
If you speak to an accountant they will be able to better advise.

[Steven Biggs]

Yeh I'm  a nice dad ; i mght even let him make the sarnies D I will phone the accountant up next week . See what he says as well . Could be a tax saving somewhere 

[Positivity]

Partnership tax return is more complicated expect an increase in accountant fees.
You have to complete a partnership statement for the Partnership.
Each partner has to complete a partnership SA104 tax return.
Then each individual has to complete a Self Assessment Tax return.

[8weekly]

One thing is certain if you make him a partner you will see the true him I take it he's not your son,all of a sudden he's equal to you ie hours he works days off deciding he doesn't want to clean that house anymore the list goes on. Had someone work for me for quiet a few years and then he met a woman that tried to run my business for me lol hence he was down the road with a flea in his ear.

[Rich Wilts]

One thing is certain if you make him a partner you will see the true him I take it he's not your son,all of a sudden he's equal to you ie hours he works days off deciding he doesn't want to clean that house anymore the list goes on. Had someone work for me for quiet a few years and then he met a woman that tried to run my business for me lol hence he was down the road with a flea in his ear.

Did she suggest cleaning conservatory roofs for free was a poor business move?

[NWH]

No she was my pet hate actually,I've never been a fan of fat women she stood on a mirror once and shouted blimey I wondered where that had gone.

[mark coates]

Partnership tax return is more complicated expect an increase in accountant fees.
You have to complete a partnership statement for the Partnership.
Each partner has to complete a partnership SA104 tax return.
Then each individual has to complete a Self Assessment Tax return.

Although each partner has to complete a self assessment tax return only 1 partner has to complete a partnership return, not each individual partner.

My business is a partnership with myself, my wife and father in law. With the current tax allowance at £10000 the business has to NET profit more than £30000 per year for any of us to pay tax. I think most people who work with family members would be better off tax wise if they made their business a partnership.