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if however the partners carry on a business under a firms name which is not a single surname of them all say “smith Jones & company they are required to disclose names of partners on their letter head,;place of business and required to register for Vatican and returns in income profits must be submitted.
why is it like that?
Does this apply to all partnerships including those with business not using partners names? profits its just for those using their own names as business names?
I LOVE the idea of partnerships having to register with the Pope and his Cardinals!
Cindy, I’m not convinced that you have replicated the extract correctly
I have a feeling that the correct version should be something like:
“Where partners carry on a firm in a name that is not the true name of all the partners, without any addition thereto other than forenames or initials, their true names shall appear outside every place of business and on all business letters, business cards, receipts and order forms”
Registration for VAT is required if applicable and shares of profits are declared by individual partners in their individual income tax returns
That makes it necessary to disclose to the Vatman and the Taxman the identities of all the partners
Now, is all of this necessary where the firm name DOES consist of ALL the partners’ names (without any addition thereto other than forenames or initials)?
For practical purposes I believe that it is necessary – when notifying the Taxman that a new business has started business on his / her ‘patch’ it’s necessary to disclose to the authority the details of all the people involved as directors / partners
Does that answer you?
PS I really don’t believe that the Pope maintains a register. 🙂
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