I'm currently a sole trader but wish to go into partnership. Will I need a new approval when the partnership is formed?
No. The creation of a partnership where the sole trader is one of the partners doesn’t constitute a change of FBO. All partners will become FBOs, and all are personally liable for any legal actions and debts the business may face. In these cases the Agency needs to be notified so the approval documentation can be updated to include the additional FBO(s) partner(s), and for enforcement and charges purposes.