Law and tax for professional partnershipsPDF电子书下载

Chapter 1 Forming a partnership 1

1.01 Why have a partnership？ 1

1.02 Creating a partnership 2

1.03 Income tax 5

1.04 Capital gains tax 5

1.05 Capital transfer tax 11

1.06 Development land tax 12

1.07 Value added tax 12

Chapter 2 The partners’ income 13

2.01 Profits and their division 13

2.02 Computing profits for income tax 14

2.03 Basis of assessment 17

2.04 Partnership changes 24

2.05 Drawings policy and tax reserves 25

Chapter 3 The capital and assets 27

3.01 Capital and its provision 27

3.02 Capital requirements 28

3.03 Partnership property 29

3.04 Goodwill 33

Chapter 4 Partnership regulations 35

4.01 A partner’s duties 35

4.02 Rights of partners 37

4.03 The partnership articles 39

Chapter 5 Joining an existing partnership 47

5.01 Becoming a partner 47

5.02 Finding capital 48

5.03 Tax on joining a partnership 49

5.04 The partnership agreement 50

Chapter 6 Dealings with clients and outsiders 53

6.01 The partner as the firm’s agent 53

6.02 Liability for wrongs 57

6.03 Duration of liability 58

6.04 Holding out 59

6.05 Guarantees 60

6.06 Actions 61

Chapter 7 Salaried partners 63

7.01 What is a salaried partner？ 63

7.02 Salaried partners and outsiders 64

7.03 Salaried partners and the firm 64

7.04 Tax and the salaried partner 65

7.05 Advantages and disadvantages 66

Chapter 8 Retirement 67

8.01 Leaving a partnership 67

8.02 Providing for retirement 68

8.03 Financial arrangements on retirement 74

8.04 Income tax on retirement 78

8.05 Protecting the retiring partner 80

8.06 Protecting the firm 82

Chapter 9 Passing down the business 83

9.01 Making the most of business property relief 83

9.02 Minimising the value transferred 86

9.03 Minimising the tax payable 91

9.04 Giving property outside the partnership 96

Chapter 10 Death of a partner 99

10.01 The partnership consequences 99

10.02 The creditors 100

10.03 Capital transfer tax 100

10.04 Income tax 102

10.05 Capital gains tax 103

Chapter 11 Dissolution and insolvency 105

11.01 How to dissolve a partnership 105

11.02 Consequences of dissolution 108

11.03 The tax implications of dissolution 111

11.04 Insolvency 112

Chapter 12 Limited partnerships 115

12.01 Why have one？ 115

12.02 Registration 116

12.03 Position of a limited partner 117

Chapter 13 Partnership and companies 119

13.01 Uses for companies 119

13.02 The company as an alternative to a partnership 119

13.03 Service companies 123

13.04 Corporate partners 127

Appendices 129

1 Partnership precedent 129

2 Inland Revenue Statement of Practice 1/1975 141

3 Partnership Act 1890 147

4 Limited Partnerships Act 1907 159

5 Rules of the Supreme Court， Order81 163

Index 169