Partnership Law in Ireland-Why a Written Partnership Agreement is Essential

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http://businessandlegal.ie/partnership-law-in-ireland This presentation looks at why a written partnership agreement is essential in a business partnership.Without it the Partnership Act 1890 will govern the relationship..

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Partnership Law in Ireland-Why a Written Partnership Agreement is Essential

  1. 1. Why it is strongly advisable to have a writtenpartnership agreementPARTNERSHIP LAW IN IRELANDH T T P : / / B U S I N E S S A N D L E G A L . I E
  2. 2. If you are in a partnership and don’t have a written partnership agreement..The Partnership Act, 1890 will govern your partnership arrangementThis is likely to be completely inappropriate nowadays for your businessWHY A WRITTEN PARTNERSHIPAGREEMENT?H T T P : / / B U S I N E S S A N D L E G A L . I E
  3. 3. The law assumes that any time 2 or more people come together to carry on abusiness and don’t form a company..they are in a partnershipMany professionals such as doctors, dentists, accountants, solicitors are notallowed to form companiesARE YOU IN PARTNERSHIP?H T T P : / / B U S I N E S S A N D L E G A L . I E
  4. 4. A partnership, unlike a limited company, is not a separate legal entityThis means that each partner is jointly and individually liable for all the debtsand losses of the partnershipEven where one partner acts fraudulently and puts the other partners on thehookPARTNERSHIP V LIMITEDCOMPANYH T T P : / / B U S I N E S S A N D L E G A L . I E
  5. 5. Partnership Act 1890 defines a partnership and essentially states that where 2or more people carry on business with a common view of profit, then apartnership existsDEFINITION OF PARTNERSHIPH T T P : / / B U S I N E S S A N D L E G A L . I E
  6. 6. Without a written partnership agreement the Partnership Act, 1890 will prevailThis means..No right to expel a partnerAny partner may dissolve the partnershipIf a partner dies, the partnership will dissolve automaticallyThere is no power to retire under the Partnership act, 1890NO WRITTEN AGREEMENT?H T T P : / / B U S I N E S S A N D L E G A L . I E
  7. 7. A written partnership agreement should contain a non compete agreement forwhen a partner leavesShould set out the situation concerning the financial rights and obligations ofthe partnersShould provide for remuneration of the partners as the Partnership Act, 1890does not permit remuneration for partnersShould deal with partnership property-who owns what and what ispartnership property?Should provide for the expulsion of a partnerPARTNERSHIP AGREEMENT-WHAT TO INCLUDEH T T P : / / B U S I N E S S A N D L E G A L . I E
  8. 8. Should provide for the dissolution of the partnership and what is to happenon the death of a partnerPARTNERSHIP AGREEMENT..H T T P : / / B U S I N E S S A N D L E G A L . I E
  9. 9. For more information about partnership law and the law impacting on smallbusiness in Ireland visit my website:http://BusinessAndLegal.ieClick HereCall 086/81 21 797046/95 51 362Email: terry@businessandlegal.ieSpecial offer on having a partnership agreement drafted:25% off regular fee when you quote ‘slideshow’ or ‘video’Thanks for watchingTERRY GORRY, SOLICITORH T T P : / / B U S I N E S S A N D L E G A L . I E

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