{"id":213589,"date":"2022-02-01T13:51:20","date_gmt":"2022-02-01T00:51:20","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=213589"},"modified":"2022-02-01T19:28:16","modified_gmt":"2022-02-01T06:28:16","slug":"need-register-business-partnership-in-nz","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/business-structures\/need-register-business-partnership-in-nz\/","title":{"rendered":"Do I Need to Register a Business Partnership in NZ?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">A partnership is an ideal way to operate your business for many people. You can bring together the strengths of each individual to create a more substantial business. However, like any partnership, there may be issues that arise. Developing a solid foundation for the partnership agreement, particularly through creating and registering a partnership agreement, can avoid future disputes or challenges. This article will outline:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">what a business partnership is;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">how to set up a business partnership;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">what needs to be registered to create a business partnership; and<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">what a partnership agreement is.<\/span><\/li>\n<\/ul>\n<h2>What is a Business Partnership?<\/h2>\n<p><span data-preserver-spaces=\"true\">When you enter into a&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/legalvision.co.nz\/startups\/partnership-and-company-new-zealand-business-structures\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">business partnership<\/span><\/a><span data-preserver-spaces=\"true\">, you equally share your business&#8217;s ownership, control, and profits with your business partners. Additionally, you also share any losses or challenges that the business faces. Business partnerships are commonly used in industries like law and accounting, where it is easy for multiple people to work together and share overall control of a business.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There are several positives and negatives that come from a partnership structure. For example, partners will be liable for each other&#8217;s debts. Furthermore, in the case of general partnerships, the partners&#8217; personal assets can be at risk if something goes wrong with the business. However, they also mutually benefit from any profits or achievements of the business.&nbsp;<\/span><\/p>\n<h2>What Types of Partnerships Are There?<\/h2>\n<p><span data-preserver-spaces=\"true\">There are two different types of business partnerships: general and limited partnerships. Whether you should establish a general or limited partnership will depend on how you wish to operate your business.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a general partnership, partners own and run the business themselves and are personally liable for any debts the business accrues.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, in a limited partnership, the partners provide financing to the business but are not involved in managing the business. Partners are liable for debts proportionate to the amount they have invested in the business.&nbsp;<\/span><\/p>\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2021\/10\/21140438\/NZ-Startup-Manual-251x360-2.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">NZ Startup Manual: A Legal Handbook For Founders<\/div>\n            <div class=\"body-text\">\n                <p>Essential reading for anyone building their startup. 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You will also need to <a href=\"https:\/\/legalvision.co.nz\/business-structures\/how-do-i-find-my-new-zealand-ird-number\/\">register an IRD number<\/a> for the partnership entity. Next, you will need to file a partnership income tax return for each tax year to show how profits and losses have been distributed to each partner. Then, partners will pay tax individually based on the profits and losses they have received as individuals. Additionally, a partnership will need to register and pay GST if the turnover is more than $60,000 a year.&nbsp;<\/span><\/p>\n<div class=\"box box--icon box--info\">\n<p><span data-preserver-spaces=\"true\">Due to its different structure, you will need to register the partnership with the <a href=\"https:\/\/companies-register.companiesoffice.govt.nz\/\">Companies Office<\/a> for limited partnerships.&nbsp;<\/span><\/p>\n<\/div>\n<h2>Should I Create a Partnership Agreement?<\/h2>\n<p data-pm-slice=\"1 1 []\">While you do not need to formally register a business partnership in most cases, you can take some legal steps to avoid future disputes or issues with the business relationship. Creating a partnership agreement when you start operating a new business partnership is useful. This document sets out rules for how the partnership operates and is signed by all partners to become legally binding.<\/p>\n<p data-pm-slice=\"1 1 []\">Partnership agreements are beneficial to prevent future disputes or misunderstandings. While these documents are not compulsory to have or register, they are instrumental. Therefore, it is worth putting time into creating one of these documents upfront to avoid complex issues arising down the line. However, unlike general partnerships, you need to have a partnership agreement for a limited partnership.&nbsp;<\/p>\n<p><span data-preserver-spaces=\"true\">Hence, you should ensure your partnership agreement includes:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">the names of each partner;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">the roles and responsibilities of each partner;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">what share each partner holds in the business, and how much they put into the partnership initially;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">income distribution;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">partnership dispute resolution; and<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">how partners can exit or sell their portion of the business.<\/span><\/li>\n<\/ul>\n<div class=\"box box--warning box--icon\">\n<p><span data-preserver-spaces=\"true\">Creating a partnership agreement can be very complex, and it is a good idea to seek legal advice when compiling one to ensure that all bases are covered.<\/span><\/p>\n<\/div>\n<h2>Key Takeaways<\/h2>\n<p><span data-preserver-spaces=\"true\">Creating a partnership can be a fantastic business structure to develop a successful business. You can benefit from an individual&#8217;s strengths while compensating for each other&#8217;s weaknesses. However, you must take certain steps when creating a business partnership, such as developing a partnership agreement. This agreement allows for future disputes or challenges to be quickly resolved and allows for taxes and income distribution to be done more efficiently.&nbsp;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">If you need help registering a business partnership, our&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/legalvision.co.nz\/business-lawyers-lp-new-zealand\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">experienced business lawyers<\/span><\/a><span data-preserver-spaces=\"true\">&nbsp;can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our&nbsp;<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/legalvision.co.nz\/membership\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">membership page<\/span><\/a><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<h2>Frequently Asked Questions<\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1643676174657\"><strong class=\"schema-faq-question\">Does the business partnership pay tax?<\/strong> <p class=\"schema-faq-answer\">No. However, you will need to get an IRD number for your business. The business&#8217;s income and losses are distributed to all the partners, who pay individual income tax on this.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1643676205012\"><strong class=\"schema-faq-question\">Do I need to register my limited partnership?<\/strong> <p class=\"schema-faq-answer\">Yes, you need to register your limited partnership with the Companies Office. This is because limited partnerships have a different structure from general partnerships. In limited partnerships, the partners are less involved in the running of the business.\u00a0<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>A partnership is an ideal way to operate your business for many people. You can bring together the strengths of each individual to create a more substantial business. However, like any partnership, there may be issues that arise. Developing a solid foundation for the partnership agreement, particularly through creating and registering a partnership agreement, can<a href=\"https:\/\/legalvision.co.nz\/business-structures\/need-register-business-partnership-in-nz\/\">Continue reading <span class=\"sr-only\">&#8220;Do I Need to Register a Business Partnership in NZ?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13318,"featured_media":201720,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[4],"tags":[111,236,1278,1340],"class_list":["post-213589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-structures","tag-partnership-agreement","tag-business-structuring","tag-business-partnership","tag-business-owner"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Do I Need to Register a Business Partnership in NZ? | LegalVision NZ<\/title>\n<meta name=\"description\" content=\"Are you a business owner wondering if you should run as a business partnership? 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