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partnership queries

  • 04-01-2011 11:38pm
    #1
    betonit
    Registered Users, Registered Users 2 Posts: 526 ✭✭✭


    Hi,

    A few questions on partnerships.

    1. Can you start trading as a partnership and then register tr1 for tax(as long as you do a tax return for the term of the biz sice it started) or do you need to be registered first.

    2. What happens if you fill in a tr1 with 2 people and trade away and then 6 months down the line you take on another partner. Do you have to re-register or just add it on?

    3. If you register for tax and dont start trading what are the implications.

    Thanks.


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi Betonit

    You need to register the partnership for tax. The partnership needs to also file a Form 1. This should be done as soon as the partnership starts to trade but as long as all the taxes are paid by the due date it should not really be an issue if you are a bit late doing this.

    The individual partners then file Form 11 based on their share of the partnership profits or loss.

    If you admit another partner then technically the old partnership ceases and a new one begins. But in practical terms you just add them in on the Form 1 with their share of the partnership profits.

    If you register for tax a don't start trading you will just have a bunch of nil returns to file.

    Kind Regards

    dbran


  • #3
    betonit
    Registered Users, Registered Users 2 Posts: 526 ✭✭✭betonit


    dbran wrote: »
    Hi Betonit

    You need to register the partnership for tax. The partnership needs to also file a Form 1. This should be done as soon as the partnership starts to trade but as long as all the taxes are paid by the due date it should not really be an issue if you are a bit late doing this.

    The individual partners then file Form 11 based on their share of the partnership profits or loss.

    If you admit another partner then technically the old partnership ceases and a new one begins. But in practical terms you just add them in on the Form 1 with their share of the partnership profits.

    If you register for tax a don't start trading you will just have a bunch of nil returns to file.

    Kind Regards

    dbran

    Thanks for your reply


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