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Registering a business name - Directorship vs Partner

  • 30-12-2018 10:33am
    #1
    Solomon Pleasant
    Registered Users, Registered Users 2 Posts: 540 ✭✭✭


    Hi,

    I'm trying to register a business name with a few business partners (we want ti incorporate as a private limited company).

    What's the difference between a Directorship and a Partner?

    i can't seem to find it on the CRO website.

    Thanks a million!


Comments

  • #2
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    Solomon Pleasant wrote: »
    Hi,

    I'm trying to register a business name with a few business partners (we want ti incorporate as a private limited company).

    What's the difference between a Directorship and a Partner?

    i can't seem to find it on the CRO website.

    Thanks a million!

    Partnership is a group of individuals, trading as xyz. Each has a share of the business relative to the partnership agreement.

    A company has directors. The shareholders own the shares of the company. The shareholders appoint the director's, and don't necessarily own shares.

    There is a legal distinction between both, but there are similarities.


  • #3
    Solomon Pleasant
    Registered Users, Registered Users 2 Posts: 540 ✭✭✭Solomon Pleasant


    thegolfer wrote: »
    Partnership is a group of individuals, trading as xyz. Each has a share of the business relative to the partnership agreement.

    A company has directors. The shareholders own the shares of the company. The shareholders appoint the director's, and don't necessarily own shares.

    There is a legal distinction between both, but there are similarities.

    Hi, Thanks very much for your help.

    If the others are added to the company as business partners when filling out the business name registration form, can they later be added as directors when filling out the incorporation form for a private limited company?


  • #4
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Solomon Pleasant wrote: »
    Hi,

    I'm trying to register a business name with a few business partners (we want ti incorporate as a private limited company).

    What's the difference between a Directorship and a Partner?

    i can't seem to find it on the CRO website.

    Thanks a million!


    All you need to know is HERE
    You really should get a professional to draw up a shareholders' agreement


  • #5
    thegolfer
    Registered Users, Registered Users 2 Posts: 346 ✭✭thegolfer


    Solomon Pleasant wrote: »
    Hi, Thanks very much for your help.

    If the others are added to the company as business partners when filling out the business name registration form, can they later be added as directors when filling out the incorporation form for a private limited company?

    Yes, but in advance I'd have a partnership agreement drawn up as a priority.

    Also get advice on what the business structure will be.

    Generally partnership first, which then incorporates as a company.


  • #6
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    thegolfer wrote: »
    Yes, but in advance I'd have a partnership agreement drawn up as a priority.

    Also get advice on what the business structure will be.

    Generally partnership first, which then incorporates as a company.


    Why?


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  • #7
    McCrack
    Registered Users, Registered Users 2 Posts: 2,991 ✭✭✭McCrack


    Are you questioning whether to have a partnership agreement made or not?


  • #8
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    McCrack wrote: »
    Are you questioning whether to have a partnership agreement made or not?


    Read post#1
    Ask yourself “Does the poster understand the differences between a limited company, a partnership, a partner, a shareholder and a director?”
    Read post #4.
    Re-read your post above and consider how pertinent it is.


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