Irish Partnership Formation
An Irish Limited Partnership formation is the easiest way to form a company in Ireland. The main advantage of a Limited Partnership is its flexiblity and the fact that LP are easy to administer and maintain.
Irish LP formation packages incl. Registered Office*
An Irish Limited Partnership formation can be ordered online and takes approx. 15 working days. Futuramax's online company formation system was designed to assist non-Irish residents to establish Limited Partnerships in Ireland.
All company formation packages include:
Company formation procedure: At the end of the online formation process we email all paperwork. The partners need to sign and return the documents to us.
General Partnership characteristics
A
General Partnership consists of at least two partners. All partners of a General Partnership are fully liable for the debts of the partnership. For this reason General Partnerships are seldom used in Ireland.
Limited Partnership characteristics
The
Limited Partnership 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
company, limited partners of a Limited Partnership are only liable for debts of the firm to the extend of their contribution to the partnership.
Governing laws
The British Limited Partnership Act 1907 provides the legal framework for Irish LP's. However, unlike
Scottish Limited Partnerships (SLP's) a Limited Partnership formed in the Republic of Ireland has no separate legal personality, therefore an Irish LP is more suitable for day-to-day business activities than for holding assets.
Company structure of an Irish Limited Partnership
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Min. 2 partners, usually one general partner and one or more limited partners, resident anywhere in the world. Either a natural person or a corporate entity is permitted. |
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| There is no legal requirement to draw up a partnership agreement, however it is highly recommended to do so. A partner's contribution to the LP can either be in cash or goods/services. There is no minimum contribution required by law.
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A Principal Place of Business address in Ireland is required. Futuramax do provide such an address in Galway and Dublin for an annual fee. Costs for the first year are included in all formation packages.
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Limited Partnership names
The name of an Irish LP usually consist of the partner's surnames and/or company names. It is possible to add their forenames or initials to the name. If for example Tom Miller and Peter Meyer formed a partnership it's name would be either "Miller & Meyer", "T. Miller & P. Meyer" or "Tom Miller & Peter Meyer".
In most cases clients prefer to carry on business under a different name . This can be done by registering a
trading name (a.k.a. Doing business as - DBA), e.g. in the example above "Webdesign Services (some place)". A business name requires separateregistration in Ireland.
Advantages und disadvantages Irish Limited Partnership
| Limited Partnership formation is cheaper than a company formation. |
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| No annual filing required in subsequent years (provided the company structure remains unchanged). |
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| Using Offshore companies as partners allows for an extra level of privacy (anonymous company). |
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| Irish Limited Partnerships are fiscally transparent (Similar to a Delaware LLC or Schottish SLP). A Limited Partnership is not subject to Irish corporation tax. |
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| Not required to file annual accounts if all the partners are natural persons. |
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| Unlike a Limited Company or PLC the Limited Partnership does not have a separate legal personality. |
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| Death or bankruptcy of a partner terminates the partnership (in case of only 2 partners) |
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| If the partnership is involved in finance or investment business, the max. number of partners is limited to 10 (who also require prior approval by the Irish Central Bank) |
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Company documents Limited Partnership
| Certificate of Registration The original certificate of registration issued by the Companies Registration Office. |
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| Sample Limited Partnership agreement The partnership agreement will be delivered as an editable Word document. |
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Optional Services
| Irish Bank Account We open a bank account for your Limited Partnership in Ireland. Bank accounts come with IBAN number and online banking facility (client has full control over the account). |
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| VAT Number We apply for a VAT number which is required to do business in the European Union. |
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* Fees quoted exclude Irish VAT @ 21,5%.
