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..

1. Why it is strongly advisable to have a written
partnership agreement
PARTNERSHIP LAW IN IRELAND
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2. If you are in a partnership and don’t have a written partnership agreement..
The Partnership Act, 1890 will govern your partnership arrangement
This is likely to be completely inappropriate nowadays for your business
WHY A WRITTEN PARTNERSHIP
AGREEMENT?
H T T P : / / B U S I N E S S A N D L E G A L . I E

3. The law assumes that any time 2 or more people come together to carry on a
business and don’t form a company..they are in a partnership
Many professionals such as doctors, dentists, accountants, solicitors are not
allowed to form companies
ARE YOU IN PARTNERSHIP?
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4. A partnership, unlike a limited company, is not a separate legal entity
This means that each partner is jointly and individually liable for all the debts
and losses of the partnership
Even where one partner acts fraudulently and puts the other partners on the
hook
PARTNERSHIP V LIMITED
COMPANY
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5. Partnership Act 1890 defines a partnership and essentially states that where 2
or more people carry on business with a common view of profit, then a
partnership exists
DEFINITION OF PARTNERSHIP
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6. Without a written partnership agreement the Partnership Act, 1890 will prevail
This means..
No right to expel a partner
Any partner may dissolve the partnership
If a partner dies, the partnership will dissolve automatically
There is no power to retire under the Partnership act, 1890
NO WRITTEN AGREEMENT?
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7. A written partnership agreement should contain a non compete agreement for
when a partner leaves
Should set out the situation concerning the financial rights and obligations of
the partners
Should provide for remuneration of the partners as the Partnership Act, 1890
does not permit remuneration for partners
Should deal with partnership property-who owns what and what is
partnership property?
Should provide for the expulsion of a partner
PARTNERSHIP AGREEMENT-
WHAT TO INCLUDE
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8. Should provide for the dissolution of the partnership and what is to happen
on the death of a partner
PARTNERSHIP AGREEMENT..
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9. For more information about partnership law and the law impacting on small
business in Ireland visit my website:
http://BusinessAndLegal.ie
Click Here
Call 086/81 21 797
046/95 51 362
Email: terry@businessandlegal.ie
Special offer on having a partnership agreement drafted:
25% off regular fee when you quote ‘slideshow’ or ‘video’
Thanks for watching
TERRY GORRY, SOLICITOR
H T T P : / / B U S I N E S S A N D L E G A L . I E