partnership, united-kingdom, international, australiaI’m starting a business with a partner in Australia. I’m in the UK.
My understanding is that a Ltd. company doesn’t make sense until revenues are big enough for the tax benefits.
So what’s the best way to set up a partnership? And how should we accept invoice payments? (Transferwise Borderless appears to be one soultion)
There’s more to an Ltd than tax benefits.
The biggest one is that there’s the legal protection if someone sues you. When you’re operating as e.g. a freelance, you’ve unlimited legal liability and can lose your house. When you’re operating as an Ltd, your losses are limited to the company’s assets.
The other is the possibility of having more than one owner.
It might make some financial sense to temporarily have one of two freelancers invoice the client and pay the other after that but, frankly, you’ll be better off sorting the administrative BS out before issuing or paying your first invoice.
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