Setting up a business

Cariad71

Hi, I am going to self-publish a book with a friend. I write, she illustrates. We will share all outgoings (web design, marketing, printing costs etc). I do not expect the book to make much money. I know that as a trader, Turn over can be up to £1000 before having to register as self-employed. But I can't do this if I'm in a partnership. Does that mean we have to set up a business partnership? Or could she be a sole trader and pay me for my story? I already write books on my own ( and always make a loss, it's a hobbie though) and HMRC said I don't have to register as I don't make a profit. Thanks in advance.

Mistral001

You can do this as a partnership which is a bit like two sole traders.  Many people set up partnerships with only a verbal agreement, but it is advisable to get a partnership agreement drawn up by a solicitor.  You can also set up a Ltd company, but that will mean that anybody can have access to certain financial details and those will be still there if you dicide to desolve Ltd company.