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Irish limited partnership maintenance requirements: if you're considering registering an Irish limited partnership, you will have to provide certain documents and register your firm with Companies Registration House (CRO) in Dublin before you can start trading. Hopefully, the move will prove to be successful and you and your partners will soon be able to reap all the benefits that registering your limited partnership in Ireland has to offer, such as a competitive business tax regime and a well regulated system.
Going forward, it’s important that you abide by the laws set out in the limited partnership's act in Ireland, as failure to do so could have serious consequences, such as having to pay a fine or, in the worst case, being removed from the register of companies.
For instance, under the laws covering limited partnerships, you and your partners have to submit a number of accounting documents to CRO within six months of registering your firm. These include a balance sheet, profit and loss accounts, partners' report, and auditor’s report. You may have appointed a secretary to carry out these tasks and also to maintain the Irish limited partnership’s records and provide a registered address where important documents are kept and to where official documents can be sent.
All of this can sound pretty time consuming when all you want to do is get on with running your business, but this is where the team at Coddan can provide expert assistance.
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.