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Pheng
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Post subject: Partnership question
 Posted: Sep 03, 2006 - 04:42 AM
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Joined: Sep 03, 2006
Posts: 1
Status: Offline
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Hi all,
I'm just wondering? I and 3 others are going into partnership. We are all family so the agreement was done with a handshake - no legal partnership agreement drawn up.
We are in the process of registering the partnership for A Tax File Number, ABN and register for GST.
Now I'm lead to believe that we don't need to have a business name (although we would like to and have for proprietors) how do we go about claiming business related expenses?
For example, if I rented a laptop for the running off the business and the invoice was made out to my name, and my brother went and rented another laptop under his name, do we claim the monthly re-payments against our own personal income?
In summary, if either of us purchases business related expenses, we would claim it against our own wages - since the invoice would be made out to each individual person?
Any advice? |
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