drax
Member
Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
|
Has anyone else here started off as a partnership,
Will be setting up very soon so just curious as to what hurdles anyone has faced, which bank anyone has chosen and can speak highly of..
We will be needing a joint account with debit card, and online banking facilities.
Ontop of that I might be getting a morgage this year as well  Anyone recommend a good building society for a morgage for a 20 - 21 year old?
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
partnership in what? 
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
Also mortgages dont go by age...
|
drax
Member
Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
|
Okay,
I know they dont go by age, but im sure someone might have advice on someone they may have gone with when on a low salary, Or that have a good business reputation, customer service, less hassle etc.
A partnership as in, business partnership. If you dont know what it is no need to post in this thread is there, but ill be helpful to you and point you in the right direction for abit of knowledge in that regard. http://en.wikipedia.org/wiki/Partnership
[Edited on 13-06-2007 by drax]
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
Obviously a business pertnership - I meant what type of business  My mate has a partnership in a dental surgery, hes wedged!!
Lloyds TSB do a 1st time buyer mortgage, low stepped rate for 3 years & no arrangement fee, thats what I have......might be worth a look.
|
drax
Member
Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
|
Cheers,
Business is web design solutions and hosting. Personal to corporate 
|
JamesMG
Member
Registered: 14th Nov 06
Location: Newcastle-under-Lyme, Staffordshire
User status: Offline
|
I don't know much in regards to a partnership, I was registered as a sole trader and was banking with Natwest.. all ill say is that my local branch seemed very keen on sending me letters and charging me for 'services' but when it came to speaking to my business manager it never seemed convenient. They also double charged me to close my account because of a delay on there behalf.. i wasnt that impressed tbh!
Id look at lloyds, one of my mates uses them and although i dont know that much they seem pretty spot on according to him
|
Hammer
Member
Registered: 11th Feb 04
User status: Offline
|
Banks vary from branch to branch so i'd seek advice from local businessmen you may be friendly with as to which ones they use and how they find them.
Company i'm with has just went through the incorporation phase from a sole trader and the bank, and bank manager in particular, were shocking. We've spent the last month transferring direct debits ourselves and had weeks of delays in setting up overdrafts, accounts, everything. Wages had to come out of the bosses pocket whilst the bank pissed about 
On the other hand the very same bank but a branch 10 miles away has apparently one of the best and most accomodating business bank manager teams. If there's a problem they visit you be it at home, work, the gym.
|
deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
|
My dad is in a partnership for his Bricklaying Contractors business. They are with Lloyds TSB and never seem to have problems
I was extremely young when it was set up, but you'd naturally need to get legal documents signed etc with solicitors, so say who owns what, or simple 50/50 etc!
I'm sure you knew that already. Health and safety is also big, so even though you probably won't need it. 3rd person liability insurance, or what ever it is, is a must!
|
Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
|
dont take this reply the wrong way but if you say you are setting up in business as a partnership very soon you really need to think about what you are doing If you need to ask what one is or how it works. Your busines plan should have overcome any concerns about problems or hurdles you may face and if you have a business account (which you need) than you must have presented a business plan which the bank have looked over and agreed to back by giving you an account.
how far on are you in the whole process of setting up business?
|
drax
Member
Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
|
Setting up a partnership is very different from setting up a limited company Dave, Not as many confines or things that need addressing when setting up a partnership, its generally just the tax return, letting the inland revenue know and arranging a contract between the two people classed as self employed.
I am asking for experience of what people have faced so I can meet those objections where people have had set backs before.
Call it research into the unknown, I like to be prepared in anything I do.
Technically we dont NEED a business account but its going to make life alot easier to have one and be able to manage the outgoings.
I have already been involved in setting up a Limited company, where the bank has alot more involvment in to the account, we are iwth barclays for that.
This is a much more a fresh small business which wont be employing any body for a long time.
|
Hammer
Member
Registered: 11th Feb 04
User status: Offline
|
I was going to say that, i usually scratch my head at the idiots asking questions like 'how can i set up a swiss bank account?' on here but asking for personal experience of using a bank for a partnership i don't see anything wrong with tbh.
|
drax
Member
Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
|
I appreciate all the input on here by the way guys 
Keep it coming
|
Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
|
the type of account you need will depend on what you plan on doing with it. due to new restrictions due to the VAT and customs and excise joining together as one department banks are very reluctan for a personal account to be used for business use.
for some great info on setting up a partnership look on the business link website
I know its very different from being a ltd company and I have worked in a partnership before. best thing to do is get a partnership business account through HSBC and get a proper business plan written up. HSBC do some great software (free) that helps to design a business plan for all uses, sole trader, partnership, ltd company, corporation etc....
|
drax
Member
Registered: 5th Feb 05
Location: Sittingbourne, Kent
User status: Offline
|
Cheers Dave, ill get some info on HSBC I have been going through the business link website alot by the way . Like I say, I trust experience rather than written documents, I like to hear real accounts of what people have faced in the way people can express from their point of view it.
[Edited on 13-06-2007 by drax]
|
Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
|
http://www.businesslink.gov.uk/bdotg/action/detail?r.l1=1073858808&r.l3=1073865730&type=RESOURCES&itemId=1073789609&r.l2=1073859215&r.s=sc
[Edited on 13-06-2007 by Dave A]
|
Dave A
USER UNDER INVESTIGATION - DO NOT TRADE
Registered: 10th Dec 03
Location: County Durham
User status: Offline
|
and more:
http://www.businesslink.gov.uk/bdotg/action/search?resultPage=1&expression=partnership
|
