Partnership Registration
When you decide to create a business, you first have to choose its status. Will it be a company or a partnership? For a partnership, will it be a General partnership or a Limited partnership? What are the main differences? TRANSLIT will help you to find out which structure is the most appropriate and how to deal with it.
There are two forms of partnership functioning in Ireland: you can register you partnership as a General Partnership or a Limited Partnership.
A General Partnership is an association of two people or more who have the exact same rights and duties within the organisation, which means that they equally share profits and debts between all of them.
A Limited Partnership operates on the same model as a General Partnership but there is one significant difference: in a Limited Partnership, one (or more) person is named general partner and is personally responsible for the debts of the organisation. Others partners, called limited partners, are in charge of the debts only to the extent of their contribution in the partnership. Profits are distributed on the same basis. Limited partners cannot take part in the business management. Basically, they can be compared to shareholders of a company.
Like every business organisation, a partnership has to be registered with the Company Registration Office (CRO) to be allowed to start its activity. To fully comply with the regulations the partnership agreement has to be drawn up by a solicitor.
As a representative, TRANSLIT will take care of all the formalities associated to procedures your partnership registration and will ensure that all legal requirements will be fulfilled. We have extensive experience in this tedious work and we can help you to save a substantial amount of time.
