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Profit Sharing Partnership

  • 28-12-2021 5:43am
    #1
    PalLimerick
    Registered Users, Registered Users 2 Posts: 497 ✭✭


    Hi

    I'm interested in an offer that was put to me recently. A person offered to put vending machines in to a few premises i have an interest in. The partnership will be between my registered business and this person.

    I asked him for his business number recently. He informed me he doesn't have one not as a sole trader or limited company. So he says the contract will be between "PalLimerick Ltd and Joe Bloggs" basically my company and his personal name. He further states this is totally legal as he self declares tax every year.

    Does this sound legitimate to you, and I assume I'm free as a company to enter a contract with a person who hasn't a registered business number.


    Thanks for reading.



Comments

  • #2
    beertons
    Hosted Moderators Posts: 23,208 ✭✭✭✭beertons


    Sounds alright to me. How are you meant to notify him if a machine goes out of order?



  • #3
    Atlantic Dawn
    Registered Users, Registered Users 2 Posts: 84,733 ✭✭✭✭Atlantic Dawn
    M


    Has he said how the sales from the vending machines will be verified to you? How would you know if they make 1 sale a week or 1,000?



  • #4
    silver2020
    Registered Users, Registered Users 2 Posts: 2,045 ✭✭✭silver2020


    https://www.boards.ie/discussion/comment/118380747#Comment_118380747

    Unless its a very old vending machine, reports can be uploaded to the cloud / emailed. Fairly standard. Fault issues are also flagged by the machines. The larger companies will have a web portal that you can log into.


    As for the OP, this is a standard set-up for vending in a public accessible space



  • #5
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    The main thing to consider here is how the VAT is going to work. Is he remitting it, you remitting it or you both? It's also important to understand who is supplying the goods and how they are priced in order to allow the gross profit to be properly calculated.

    There is nothing wrong with the arrangement per se, but the devil is in the detail.



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