Limited Partnerships

UK LLPs

Limited liability partnerships (LLPs) in the UK, have similarities to companies. LLP members are shielded from personal liability for the partnership’s debts unless they guarantee them. Formed under specific procedures, LLPs require a minimum of two members and must operate a lawful business for profit.… Read the rest

Partnership Types

Limited partnerships in Ireland, governed by the Limited Partnership Act 1907, offer limited liability for investors who cannot partake in management. Limited partnerships are advantageous for venture capital investments, with one layer of tax for investors compared to two in companies.… Read the rest

Legal Practitioners

Partnerships are collective entities without separate legal status, and partners are jointly and severally liable for liabilities. Partner compositions can vary, involving individuals or companies, with partnerships between partnerships also possible. Partnerships operate under general principles with limited statutory regulation, unlike companies governed by detailed legislation.… Read the rest

Formation

In Ireland, the primary type of limited partnership for trading purposes is governed by the Limited Partnership Act 1907, where a limited partner cannot engage in management but enjoys limited liability. Limited partnerships are particularly advantageous for venture capital investments due to their tax efficiency compared to company structures.… Read the rest

Administration

A limited partnership is collectively constituted by its partners and must adhere to the conditions applicable to ordinary partnerships, including the necessity for at least one general partner. Limited partnerships must be registered with the Companies Registration Office and have a place of business in Ireland.… Read the rest

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