If you want to start trading in partnership, you are legally required to notify HM Revenue and Customs. You will also need to decide whether you will trade under the names of the partners, or use a separate business name (see 16).
Although you are not legally required to have a partnership agreement, failing to draw one up can have very unwelcome consequences (see 14).
If you want to set up a limited liability partnership, the process is more complicated. Take advice.
