Limited Partnership’s (LP) in Ireland
Limited Partnerships (LP’s) are available in Ireland (slightly different from LLP’s available in some countries). Whilst traditionally quite rare, their popularity has increased over the last few years. However only a few hundred are registered in Ireland each year. An LP must consist of at least one general partner and one limited partner. The partnership should not consist of more than 20 persons or, if carrying on the business of banking, of more than 10 persons.
The general partner(s) is/are liable for all the debts and obligations of the firm and therefore is not offered the protection of limited liability. The limited partners contribute a stated amount of capital and are not liable for the debts of the partnership beyond the amount contributed. A partnership can be made up of natural persons or corporate entities. Investment Limited Partnerships (ILP’s) are used sometimes by the funds industry.
Limited Partnerships (LP’s) when the partners are individuals, are not obliged to file accounts with the Companies Registration Office. However, where all the general partners are limited companies, are obliged to return accounting documents under European Communities (Accounts) Regulations 1993 (S.I. No. 396 of 1993). This requirement also applies to general partnerships where the general partners are limited companies.
Accounting documents include:
• balance sheet
• profit and loss account
• partners’ report
• auditor’s report
Financial statements must be certified to be true copies by two of the partners authorised by the partners to do so and forwarded.
Our fee to incorporate an Irish LP is €250
For more information and to incorporate a Limited Partnership (LP) in Ireland, please don’t hesitate to contact the experts in Company Bureau.