I have a potential new client coming to see me today. She's sent me some spreadsheets from her old bookkeeper in advance and I'm trying to prepare. She had a partnership with another person till the middle of the year and then bought him out. Can she just transfer all the balances from the partnership balance sheet to her sole trader balance sheet? She has a franchise which is recorded as goodwill on the balance sheet and that all seems to have been transferred to her as have all the other balances. I will need to find out how he was compensated. I haven't done the closure of a partnership or a franchise before so need to know if there's anything I need to be careful of. I know I need to do a partnership return, it's just the transfer to sole trader I'm concerned about.
