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A husband and wife have traded in partnership and their business rents a property that they own jointly. Their two children have recently joined the parents in the partnership
Our clients Kevin and Kirstie have been trading in partnership for many years. They are not inclined to incorporate and intend to remain partners in the business until death.
Ten years ago they purchased businesses premises in their joint names and the balance sheet shows freehold premises at a cost of £450 000.
Two years ago their son Keith and daughter-in-law Kathy became partners. A simple agreement was drawn up in which it was clearly stated that ownership of the property remained in the names of Kevin and Kirstie.
It is treated as a business asset in all respects in that all running costs and the odd capital expense are borne by all four partners.
Kevin...
