Foreign investors setting up companies in Ireland have a wide variety of business structures to choose from. Among the types of companies available for registration in Ireland are also partnerships. The legislation distinguishes between several types of Irish partnerships:
The general partnership in Ireland falls under the regulations of the Partnership Act of 1980. General partnerships offer different advantages to foreign investors starting with tax benefits and less disclosure requirements. If you need assistance to start a general partnership you can request the services of our Irish specialists in company formation.
According to the Irish legislation, a general partnership can be set up by at least two private individuals or corporate entities. The maximum number of partners in a general partnership in Ireland is 20. However, there are cases in which exceptions are made and the number of partners can sensibly grow. The creation of an Irish general partnership resides in a partnership agreement that can be concluded orally or in written. Most of the times the written form of the agreement is used. General partnerships in Ireland can be divided into:
The general partnership can carry one of the partners’ surname or have a different business name which will be registered with the Irish Trade Register. The liability of partners in an Irish general partnership is unlimited, considering the business entity has no separate legal personality from its owners.
From a taxation point of view, the Irish general partnership is a very advantageous type of company. Even if the partnership must register for taxation purposes with the Revenue Commissioners, each partner will receive a different tax registration code and thus will be taxed individually on their incomes.
For complete information about the advantages of opening a general partnership in Ireland, do not hesitate to contact our local agents. You can also rely on our specialists for tailored accounting services.