Partnerships

Partnerships play an important part of business life in Ireland. As part of a business partnership, you can amplify your reach and increase the likelihood of achieving your mission. However, there are even more benefits involved, especially when it comes to accounting. I can help you understand the advantages for your business, including when it comes to taxation, general accountancy, and disclosure. 

What Does a Partnership  Involve?

Under the Partnership Act of 1890, anytime two or more people come together to carry out business and do not form a company, the law assumes they are in partnership. To form a partnership, you do not have to go through any registration process. However, it is a good idea to write a partnership agreement to resolve any future issues. This is called a formal partnership or fixed term partnership. If you do not decide to write a partnership agreement, you are in what is called an informal partnership or partnership at will.

Partnerships are especially good for those professionals legally unable to form companies. If you are a doctor, lawyer, dentist, or veterinarian, a partnership is the most suitable method for a collaborative business.

There are however downsides to partnerships. While often starting with good intentions, any problems can become catastrophic. Partnerships do not create separate legal identities for partners, therefore each party involved has unlimited liability. Even in the case where one partner has defrauded clients of the business, the other will still be liable for the losses. 

Depending on your circumstances, you may be required to register for them. I can help you with this registration, supporting you throughout the process.

Failure to follow tax compliance can result in penalties. Submitting all the necessary documents therefore is vital. However, you can focus on your business growth by using my accountancy services, knowing all documents will be prepared and submitted correctly. I will ensure all entitled tax relief is claimed. 

Accountancy for Partnerships

Each partner is responsible for ensuring their business pays the correct taxes and keeps accurate records. To free up time and ensure each partner plays an equal role within the business, I can support you with your accountancy needs. From tax returns and VAT registration to comprehensive bookkeeping, you can trust that everything is recorded and sent to Revenue by the deadline.