Partnerships Flashcards
1
Q
Financial Statements
(Partnerships)
A
Statement of Profit Or Loss
Statement of Financial Position
2
Q
Do partnerships need to make annual returns to Companies House?
A
No
2
Q
HMRC Responsiblities
(Partnerships)
A
Quarterly Or Annual Returns (if they are registered for VAT)
3
Q
Is each partner responsible for VAT?
A
Yes
4
Q
What is Goodwill?
A
The difference between the value of a business as a whole, and the net value of its separate assets and liabilities.
