PARTNERSHIP AGREEMENTS

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Partnership occupies an important part of Irish business. It is a form of business organisation wherein two or more people carry on a business venture with a view to profit without forming a company. There are many advantages of operating under Partnership Law to include significant tax, accounting and disclosure advantages over companies. However, a partner is liable for the losses which his co-partner causes in carrying on the partnership business.

It is crucial for persons operating under a Partnership to be aware of all of their rights and duties which are implied under the legislation on Partnerships and resultantly to have a Partnership Agreement prepared which clearly and unequivocally sets out the terms of business between the partners in order to protect their interests.