Irish Limited Partnership Start-Up and Taxation

The easiest way to start a new company formation

#1. Summary
#2. Limited Partnership Start-Up Requirements in Republic of Ireland
#3. Register a Limited Partnership With the Tax Office
#4. Benefits of Establishing Limited Partnership in the Republic of Ireland
#5. Difference Between Limited Partnerships in Republic of Ireland and the UK

The cheapest way to start a new company registration

#6. Irish Limited Partnership Start-Up and Taxation
#7. Irish Limited Partnership vs Private Company in Emerald State
#8. Irish Limited Partnership Maintenance Requirements

Irish limited partnership start-up and taxation

Irish limited partnership start-up and taxation: many investors who deal with private equity, as well as those with international investment platforms, favour Irish limited partnerships as a vehicle. There are benefits in this partnership model, and much of them owe to the Irish tax system's flexibility.

Irish limited partnership startup are far from a new feature, they go back to the Limited Partnerships Act, which is a legal framework that has been in existence ever since 1907. The law's basic provision is for Irish limited partnerships to be registered, and the Act requires more than two corporate bodies or individuals in order for one to be opened. Citizens of foreign countries are permitted to be partners, as well as those based locally.

These kind of partnerships do not have to file accounts, unlike a company, and are not restricted when returning capital to partners, taking sometimes complex company law provisions out of the equation.

In tax terms, Irish limited partnerships can mean that profits are subject to partner level income tax only. This is in stark contrast with an Irish private limited company, where double taxation is often required.

PSC and Irish LPs

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.

Under the 1907 Act, one of the partners is able to have limited liability under a limited partnership. This means that where debts are concerned, their liability can be 'capped' at the same level of the sum he or she has contributed to the partnership. This partner is not permitted to be involved in the partnership's management, assuming that they wish to maintain their status as being a limited liability partner. If you wish to startup a limited partnership in Republic of Ireland, please complete our application form or contact us by phone or drop us an e-mail.