Register a Partnership
Let us register your new Partnership with the Australian Securities and Investment Commission (ASIC) in a few easy steps.
A Partnership opens multiple resource streams and shared responsibility, without the red tape of a company structure.
Partnership Package
Package Inclusions
- ABN Registration
- Business Name Registration
- Domain Name Registration (2 years)**
- GST registration
- PAYG Reminders
- Partnership Agreement
- Partnership Checklist
Extras
- 12-month access to Adminimiser
- Registration renewal reminders
- Secure online business document storage
- Access to our custom educational guides + resources
- Veromo Welcome Pack incl. hard copy registrations
* Includes 1-2 year registrations. After this term, we can renew them for you.
What it means to be a Partnership
A partnership has a lot in common with a sole trader structure, just with more people. There's also slightly more regulation and admin. A partnership is formed when 2-20 people join forces in an unlimited liability business agreement. This means all profits, losses, responsibilities and liabilities are shared. You'll have access to more resources, but it's wise to get your partnership agreement signed and sealed before kick off.
Compare Business Structures
What's The DifferenceCompare Business Structures
Pro's and Con's of being a Partnership
Get excited about:
- Relatively straightforward set-up and day-to-day operations
- Shared responsibility with your fellow partners
- Business partners = more resources, easier to finance
- Little ongoing paperwork and red tape
- Partnerships, as an entity, don’t pay tax (but do need a TFN and to lodge a return)
- You pay tax just on your profit income
But keep in mind:
- Each partner is personally responsible for all business liabilities, regardless of ownership share
- Increased liability means your personal assets could be at risk, i.e. your home
- Partners need to be on the same page: be confident you can work together before you start
- Can be tricky to change ownership if you ever sell the business
Why being in a Partnership is right for Max and Peter
Max and Peter
Starting their Partnership
Max and Peter met at Uni and have been best friends for the past 10 years. They are finally realising their dream of starting a local cafe and with Max’s business acumen and Peter’s skills in the kitchen- it’s a perfect partnership. They wanted to make sure their business was set up in the cheapest and most accurate way possible, so they chose a general Partnership.
This structure means that both Max and Peter have equal authority in the business, so most decisions are made by them together, however, decisions can be made by either partner on behalf of the other- even if the other doesn’t know!
Running their Partnership
The Partnership has its own ABN and Tax File Numbers and is registered for GST. Tax returns for the Partnership are lodged independently of each of the partner’s tax returns.
Both partners are ‘jointly and severally’ liable for all debts incurred by the business. This means that if the business fails, the personal assets of both partners may be seized to pay for any debts or liabilities of the business.
Growing their Partnership
In the future Max and Peter may want to expand the Partnership by including another partner or entity or they can change their business structure if they want to scale up.