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Partnership Business Set Up?

  • 16-02-2011 3:04pm
    #1
    ironclaw
    Registered Users, Registered Users 2 Posts: 8,004 ✭✭✭


    Hi Folks,

    What type of business model would I be looking at for a partnership? The business would have a low enough turn over but would be involved in a few different areas. As a simple case, all income will be split evenly.

    So what is the best and cheapest business set up that I can formulate? Am I looking at a LTD with 2 share holders or can it be simpler than that? I want to keep costs down in terms of books and business legal. Its a simple business that those types of costs could suffocate.

    Many Thanks.


Comments

  • #2
    NumbrCrunchr
    Registered Users, Registered Users 2 Posts: 32 ✭NumbrCrunchr


    Hi ironclaw

    In my opinion a limited company is the best option when there are partners involved. I think a partnership can be as expensive compliance-wise and crucially can be difficult when entering or exiting partners.
    There are some tax benefits to some types of partnerships and some professions aren't allowed limit their liability but otherwise I would advise a company every time.

    Regards
    NumberCruncher


  • #3
    AndyJB
    Closed Accounts Posts: 177 ✭✭AndyJB


    NumbrCrunchr wrote: »
    Hi ironclaw

    In my opinion a limited company is the best option when there are partners involved. I think a partnership can be as expensive compliance-wise and crucially can be difficult when entering or exiting partners.
    There are some tax benefits to some types of partnerships and some professions aren't allowed limit their liability but otherwise I would advise a company every time.

    Regards
    NumberCruncher

    Hi,
    I'd agree with NumbrCrunchr on this one.

    It would also be wise to draw up a shareholders agreement. It should cover such things as how a partner can exit, general rules for the business and what happens if a dispute were to arise. Also set out who does what in the business from the outset.

    Best of luck.


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