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A partnership means that you can work together with other business owners. Westland Tax & Accountancy Ltd., Dublin Accountants provide all business, accountancy and tax services to partnerships
Westland Tax & Accountancy Ltd., Dublin Accountants & Tax Advisors, provide all required tax and accountancy services to partnerships including: Contact us now for a no obligation meeting.

What is a Partnership?

A partnership consists of at least two people who are operating a Business together, who are not incorporated and who share the profits in an agreed ratio.

What are the advantages of setting up as a Partnership:

Privacy - there is no statutory requirement to file annual accounts for public inspection. Competitors will know less about how successfully your business is working
Less Red Tape - there is less official red tape to setting up as a partnership. The business owners just need to tell the tax office that they are now self-employed and register the firm's business name.

What are the disadvantages of setting up as a Partnership?

  • Liability - business partners are jointly and individually liable for the actions of the other partners and for all businesses debts; if your business fails leaving business debts then any or all of the partners could lose their homes or other personal assets
  • Profits - must be shared, as agreed between all partners.
  • Disagreements - time needs to be taken to draft partnership agreements to try to avoid future problems however disagreements can occur, and therefore the decision making process can take longer