Partnership

A partnership is where two or more people carry on a business together, without forming a company. It is not a separate legal entity, so partners have unlimited liability for the debts and losses in the business.

Each year, a partnership must prepare a set of accounts showing the profit of the partnership and the allocation of the profit among the partners.

The partnership must file a Form 1 Firms return with Revenue and the individual partners must file an income tax return.

We also work with partnerships who need a third party to prepare the accounts and Form 1 Firms, with each partner retaining their own tax agent to prepare their own income tax return. This can solve issues of perceived favouritism, where the accountant of one of the partners is also responsible for the partnership accounts and returns.

If you are changing accountant, we provide a seamless transition, where we deal with all the paperwork.

If you want more information on our partnership services contact us today on 021 240 9120 or email Orla Linehan on orla@fidelia.ie.

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