Process of changing from partnership to sole trader

G

gilboy

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I have a small business were my father is registered as a partner along with myself. He is no retired and receives no income from the business. He still gets sent out notifications from the revenue to complete Form 11's.

I want to switch to a sole trader. Do i just to inform revenue that my father is no longer a partner is the business and hence receives no income other than his pension.

BTW my father is now retired and receives no income other than pension.
 
If the partnership was properly registered with Revenue with it's own tax or VAT number then you need to cease the partnership and commence as a sole trader. The sole trader registration would then be under your PPS number.

You can then request ( once any outstanding F11's filed) to have your father de-registered.
 
Just to add slightly to Graham's point. You don't have to wait until all returns are filed to de-register your father. This can be done any time. Although Graham is right, all returns will have to be filed up to and including the year in which you have de-registered your dad.
 
My advice is to de-register partnership as off 31.12.08. Your father would still have to file a form 11 for 2008. Register the sole trade from 1.1.09. You would also have to change the name on your bank account. Any transactions since 1.1.09 would simply be recorded as sole trader transactions.
 
Did you register the business as a Partnership with the Companies Registration Office (form used RBN1A) ?

If so you need to file a form called RBN3 (terminating the business) signed by both business name owners and then you should file a RBN1(sole trader) if you are trading under a name that is not your own name.
 
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