Form a Partnership
Forming a business partnership is an alternative to establishing a limited liability company in Ireland. All partners are personally and jointly liable for the acts or omissions of the business. For this reason the partners must be careful to think through the terms and conditions of their agreement. A Partnership Agreement is essential to govern the relationship in order to ensure it operates efficiently and everyone knows where they stand. Without a written agreement the relationship is governed by the Partnership Acts which may not reflect the true intent of the partners. Some of the important issues are:
- What happens in the event of the incapacity or death of a partner?
- What happens when the partners disagree on an issue?
- What happens if the partners fall out and the business is dissolved?
- How can a partner be protected against the negligence of another partner?
What is a Limited Partnership?
A Limited Partnership in Ireland Ireland is very similar to the General Partnership except that there is at least one general partner, who is personally liable for all debts of the firm, and one or more limited partners. Like shareholders of a limited company, limited partners of a Limited Partnership in Ireland are only liable for debts of the firm to the extent of their contribution to the partnership.
A limited partnership in Ireland is more suitable for day to day business activities rather than for holding assets. There is usually one general partner and one or more limited partners. A limited company in Ireland or a natural person may be a partner. A partner may contribute by way of cash goods or services.
Forming a partnership in Dublin may carry on business under the names of the partners or they may choose to register a business name in the Company Registration Office.
Why choose a limited partnership and not a Limited Company?
- Not subject to corporation tax.
- Cheaper to form.
- No annual filing of returns in certain cases.
- Using Limited Companies as partners gives extra privacy.
- Does not have a separate legal identity.
- Easier to manage banking arrangements.
- No onerous duties of being a director.
- Easier to dissolve if business ceases to trade.
- No requirement for annual general meetings or extraordinary meetings.
- No shareholders to satisfy.
So why not get a no obligation fixed fee quote now. You could save a lot of money. If you have questions, why not call or email us now without obligation and we will be happy to answer your queries without charge.
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*In contentious business a solicitor may not calculate fees or other charges as a percentage or proportion of any award or settlement.
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The Executors Guide - 'At last a step by step guide, composed in plain english, for the executor or administrator who chooses not to employ a solicitor. This book contains invaluable advice and tips on how to get the difficult task of winding up an estate of a deceased person done as quickly as possible avoiding the traps for the unwary. It covers all the steps from the grave to the final distribution of the estate. It can save the estate thousands of euro in legal fees'