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.
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.
No solicitor/client relationship or duty of care or liability of any nature shall exist or be deemed to exist between O’Shea Legal and you until you have received confirmation in writing from us in which we confirm our appointment as your Solicitors.
*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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Our Legal Publications
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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'
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'
The Employers Guide - 'The only up to date guide on how to hire, manage and fire staff without fear of being sued.This book contains invaluable advice and tips for employers on how to negotiate the minefield that is employee rights and obligations. It contains precedent employment contracts incorporating the requirements of the latest Irish Law together with sample policy documents, procedures and letters for the most common situations. Written in plain English this book is required reading for every employer who prefers to preserve the company funds for the benefit of the company as opposed to its lawyers and unfairly treated employees.'
The Business Start-Up Guide - Essential reading for any budding entrepreneur wishing to establish a business in Ireland. This book describes in plain english the main rules and regulations that must be followed and gives invaluable advice and tips for the unwary. It covers advice on limited liability, partnerships and sole traders , employment traps for the unwary, health and safety obligations, standard documents and contracts. A must read for any businessman who wishes to avoid being prosecuted or sued.
The Accident Victim Guide - The ultimate guide to dealing with the consequences of an accident. This book, written in plain English, describes the steps that need to be taken after an accident to preserve the evidence, prepare a case, file a claim with the Injuries Board, quantify all the losses, value an injury and process a case through the courts. It gives lots of useful insider tips to help you deal with Solicitors, Doctors and Insurance Companies and even on how to process your own claim. This is an easy to read and invaluable guide.
