Accounting Responsibilities
Another principal difference between partnerships and companies is the public nature of a company's accounting requirements. Although these have been substantially reduced in recent years in connection with small companies all companies are still required to file accounts at Companies House each year. If privacy is an issue to you, then a partnership structure still retains this privacy since the accounts do not have to be published to any third party (except of course the Revenue!). Although
it is no longer necessary for full audited accounts to be filed at Companies House and limited companies can get by if they have the necessary skills in house without the assistance of an auditor, in the vast majority of cases entrepreneurs who want to run their own business do not want to spend their time undertaking administrative tasks which have traditionally been seconded to professional advisers.