Partnership or sole trader? - TilersForums.com

[lawrenso]

often thought if it's worth my wife becoming a partner, albeit on paper for tax purposes. Talk to your partner tho' as he may be tinking the same as yourself and a lack of communication could have devastating effects on both your personal and professional relationship:smilewinkgrin:

Speak with your accountant first Doug, the rules are changing this April in regards to wife's being partners. Hector does not believe in small family businesses - even though they tend to employ the majority of the population:furious3:

Cheers

Steve

 

[Olz]

I didnt read the thread before i voted , but having now read the thread I standby my Sole Trader vote.

 

[david campbell]

the other option you could look at is trying to pick up more work and try splitting it50/50,see how that works out,you might find your mate actually works a lot faster on his own,from experience when customers decide to come in and chat(make sure it's getting done properly)i find myself slowing down,so i try to not engage in conversation(without being rude)!

 

[martin & brock]

partnership is better but the 2 of u need to sing of the same hym sheet or its pointless.
50/50 from the start and with everything.
u need to trust each other and help each other out when needed.
we work well knock out an average bathroom wall & floors(25m2)in 2days.

 

[strummerman]

i was in the same boat and i fit kitchens if there are two of you its means you av to find double the work to make any desent money or charge higher prices but with work dropin off iam now back on my own again and gettin plenty of work now to keep me busy

 

[strummerman]

Going on for a year now, only ever worked different jobs on site. It never meant to become what it is, it just happened

I do feel I've been carrying him.

Am I beginning to sound bitchy?:mad2:

i think you av already made your mind up

 

[grumpygrouter]

FOr anybody thinking of operating in partnership, it is very important to have a "Partnership Agreement" drawn up with the aid of a solicitor. This is especailly so if the partnership is a husband/wife/girlfriend arrangement. Should the worst happen in this case, the agreement makes any falling out/divorce procedings go much more smoothly than they otherwise would.

I can not emphasise this point strongly enough.

 

[Fekin]

I don't think graham is married to his mate :drool5:

 

[davy_G]

Hi Graham,
I will give you my thoughts. Put the emotional or personal thoughts of your 'mate' aside for a minute. You have financial obligations like the rest of us, morgtage, loan, credid card, bills, food, running a house....whatever they are. Your first priority is to your family...even if you are single then your future family.
So where does this take me. Every job you do you split your income. Disaster! If you are going quicker than him he is holding you back and reducing your already halved income. So this is not a situation that can contimue anyway.
If you where on your own with a reliable labourer that you paid on an hourly or daily rate...there are plenty of unemployed young people who should jump at an opportunity like this. The labourer can be quickly trained to prime, mix addy, carry tiles and cut tiles & tidy up. Leaves you free to tile tile tile...$$$. Trust me instead of halving your income you will double your work rate which will double your income.

So you leave your mate in the big bad world to fend for himself...such is life, offer him some work now and again if you are busy on m2 or dayrate basis...which ever suits you.

You have got to make your own way in this life and i thik you already know what you should do. Good luck with it. If you are not overly busy then it will be easy to tell him its not working out.

I take it you are both registered as sole traders and not filing a partnership tax return? If so you would need to file winding up books before moving on as a sole trader at the year end.

 

[brian c]

good advice Davy-g.I think he knows what he is going to do now.:smilewinkgrin: