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. Why it is strongly advisable to have a written partnership agreement PARTNERSHIP LAW IN IRELAND H T T P : / / B U S I N E S S A N D L E G A L . I E
- 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? H T T P : / / B U S I N E S S A N D L E G A L . I E
- 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 H T T P : / / B U S I N E S S A N D L E G A L . I E
- 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 H T T P : / / B U S I N E S S A N D L E G A L . I E
- 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? H T T P : / / B U S I N E S S A N D L E G A L . I E
- 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 H T T P : / / B U S I N E S S A N D L E G A L . I E
- 8. Should provide for the dissolution of the partnership and what is to happen on the death of a partner PARTNERSHIP AGREEMENT.. H T T P : / / B U S I N E S S A N D L E G A L . I E
- 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