moving 2 partnerships into one limited company

[helix]

hello - new forum poster here

I'm not looking for specific tax advice here - my accountants will advise on that - but after general tips and advice to look out for.

I'm a partner in a 2 man partnership (with my wife) and a partner (with my wife again - we own 50% of this one) in another partnership with one other partner (he has the other 50%). both business are in related fields, and we operate under the same main business names (variation is in the suffix) from the same offices. we have separate VAT arrangements, and separate payrolls for respective staff. this arrangement has suited us for some years.

however, we have decided to place both partnerships into one limited company with all 3 partners as Directors - don't ask about % shareholding as we haven't fought over that yet!! - as we see (and have been advised) that this is the best way forward for us for the future as we wish to start succession planning and retirement. as a limited company, we can be more flexible if we wish to sell, get staff or a 3rd party to buy in, whilst retaining shares and an income stream.

apart from legal issues, what taxation issues should we be aware of in all of this?? we will obviously be moving to a PAYE income so timing will be important to minimise tax burden. are there any little tax things we should be aware of??