Ireland Partnerships:

Ireland General Partnership

Partnerships fall under the Partnership Act 1890 (English legislation). Partners are individually liable for the debts of the partnership. Partnerships do not need to file accounts or to be audited.

Ireland Limited Partnership

Limited Partnerships are formed under the Limited Partnerships Act 1907 (English legislation). They are similar to general partnerships except that they have one or more general partners with unlimited liability and one or more limited partners whose liability is limited to the amounts of their contributions. The general partners may be limited companies. This form is not now widely used in Ireland.

Ireland Investment Limited Partnership

The Investment Limited Partnership Act 1994 introduced this form, known as an 'ILP', which is useful for collective investment entities, having tax transparency which allows investors to obtain double tax relief, which is unavailable to unit trust investors.

There are one or more general partners, one of whom must be an Irish incorporated company with its head office in Ireland; the minimum share capital is EUR127,000 (as at November 2005) and at least two directors must be Irish. General partners must be approved by the Irish Central Bank, and there must be an Irish Custodian.

Monthly accounts must be submitted to the Central Bank.

Version date: 07.05.06