The difference between limited partnerships start-up in Republic of Ireland and the UK: one of the most popular ways to set up a business is by starting up something known as a limited partnership. This is a corporate structure in which two or more people come together to do business with the aim of making a profit. The rules concerning Irish limited partnership date back to the Limited Partnerships Act of 1907 and the Partnership Act of 1890, while in the UK, the governing legislation is the Limited Liability Partnerships Act 2006.
An Irish limited partnership consists of a number of general partners, who have unlimited responsibility for the debts of the business and up to 20 limited partners, whose liability is capped - as a result, they have less say over how the business is run.
UK limited partnerships have a similar structure, but unlike their Irish equivalents, they are considered to be corporate bodies, with a legal identity distinct from their partners. Another difference is that the UK limited partnership pays no corporation tax or capital gains tax, and any income that the UK limited partnership earns is distributed to partners as though they were self-employed, rather than as employees of the business. It is an unusual and highly flexible form of corporate structure that is becoming increasingly popular around the world.
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.