Set up a business partnership

To set up a business partnership there are several things you must do. Make sure that you:

• Register the business for Self Assessment with HM Revenue & Customs (HMRC) so they can set up your tax and National Insurance records. If your business partnership is a limited liability partnership (LLP), you must register the business for Self Assessment with HMRC and you must also register separately as an individual - see understanding Self Assessment and your tax return.
• If your business partnership is an LLP, you must register your business with Companies House - see starting a company or partnership.
• Obtain any planning permission that you may need from your local council - find your local council in Northern Ireland.
• Obtain any licences or permits that you may need - use the licence finder tool to find out what licences or permits your business may require.
• Contact the Land and Property Services to find out whether you need to pay business rates - see business rates: the basics.
• Contact HMRC to register for VAT if you expect to have turnover of more than £85,000 a year - see registering for VAT.
• Register with HMRC for PAYE (Pay As You Earn) if you employ staff - see registering and getting started with PAYE.
• Register with HMRC if you are a contractor or subcontractor in the construction industry - see contractors and the Construction Industry Scheme.
• Set up a financial record-keeping system - see set up a basic record-keeping system.
• Put your name on all your business stationery, including letters, invoices, receipts and cheques - see name your business.
• Set terms and conditions for your customers, such as when your invoices are to be paid - see ensure customers pay you on time.
• Ensure all business insurance requirements are in place - see business insurance: the basics.

It's worth remembering that this is just a start. As you continue in business, you may have other legal and tax issues to bear in mind.