Every partner has the right to take part in the management of the partnership business - subject to any conditions in the Partnership agreement.
Each partner must complete individual self-assessment tax returns on their share of profits and submit these annually to HMRC. They must also pay National Insurance Contributions (NICs).
The nominated partner must complete a Partnership Tax Return, showing each partner's share of the profits or losses.
Unless a partnership agreement states otherwise, most decisions can be taken by a majority of partners - however unanimity is required for any fundamental changes such as the admittance of a new partner.
In the absence of a partnership agreement, all partners have an equal role in decision-making and are entitled to an equal share of profits.
The situation in Scotland, with relation to Scottish general partnerships, is the same as outlined above. However, where a Scottish general partnership has all corporate partners, the Scottish general partnership becomes a Scottish ‘qualifying partnership’.
Such Scottish ‘qualifying partnerships’ are required to keep a register of people with significant control ('PSC') and provide this to Companies House. For more information, read the guidance on the PSC regime for Scottish qualifying partnerships.