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The benefits of establishing a limited partnership in the Republic of Ireland: There are many reasons to establish a limited partnership in Ireland, ranging from limited liability to low tax rates. An LP is much the same as a general partnership (GP), but involves at least one general partner and one limited partner, with a 20-person maximum (10 for banking).
In Ireland, the inception of a limited partnership must be registered in the companies registration office (CRO) before you can progress, and the laws on limited partnerships are governed by the Limited Partnerships Act, 1907. But exactly what are the benefits if you want to establish an Irish limited partnership?
As a limited partner rather than general, you remain only responsible and liable for the amount of money you contributed, without it becoming a general asset. This means that your money is protected. The Republic of Ireland has exceptionally low corporation tax, the rate being 12.5% - one of the lowest internationally.
In investment terms for shareholders, they can utilise the BES (Business Expansion Scheme), which provides tax relief to certain investment areas, both reducing cost and increasingly the likelihood of external investment. Limited partners have the advantage of being indirectly involved, allowing the general partners to take the wheel. Therefore limited partners get the benefit of being in business, just without the paperwork - thus leaving you to reap the rewards without breaking a sweat.
The Irish government actively encourages FDI (foreign direct investment), as well as holding an active EU membership, making Ireland an attractive location for limited partnerships to form.
Upon the registration of most of business entities in the United kingdom, you will require to register information about the person with the significant control, who does not need to be the ultimate beneficiary owner of your business organisation. Anyway, when you set-up a limited partnership in Republic of Ireland, you are exempt from such rules. You do not need to file information about the beneficiary owners or person with the significant control of your business.