Partnership Question

whatawaster

Hi,
My brother, who lives in Australia, is looking to set up a web-based partnership with an uncle of ours who lives in Ireland. Obviously, this presents some issues:

- Is it necessary to have a single joint company account, or could two be set up , one in Ireland and one in Australia? Perhaps online bank accounts could be an option

- Does a legal Partnership contract or agreement have to be drawn up and signed?

- Do you specifically register a partnership in one country for tax puroses, or is it just a case of where most of it's business activities are carried out or the residence of the principle partner?


Thanks

ircoha

whatawaster wrote:

Hi,
My brother, who lives in Australia, is looking to set up a web-based partnership the pship will not be web based, the business may with an uncle of ours who lives in Ireland. Obviously, this presents some issues:

- Is it necessary to have a single joint company [partnership not company] account, or could two be set up , one in Ireland and one in Australia? Perhaps online bank accounts could be an option[ if dual sig then will be business bank accounts which can be v expensive

- Does a legal Partnership contract or agreement have to be drawn up and signed? yes. both will be 100% liable for all the debts:D

- Do you specifically register a partnership in one country for tax puroses, or is it just a case of where most of it's business activities are carried out or the residence of the principle partner? [ pship is not a taxable entity in it own right see link below, so the partners will be taxed as individuals so residency of partners is the issue


Thanks

http://www.revenue.ie/forms/form1_firms_06.pdf