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ARTICLE · 26 JUNE 2018

Using Partnerships To Succession Plan

RDJ LLP
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Partnership is basically a way of working together.

IrelandFamily and Matrimonial
Eoin Tobin
Eoin Tobin
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Partnership is basically a way of working together.

When most people think about partnerships they probably think of firms of solicitors or accountants.

In actual fact partnerships can be used in many other ways including as a succession planning tool for business owners and parents.

Partnership is defined in the Partnership Act 1890 as a "relationship which subsists between persons carrying on business in common with a view to a profit".

Unlike its counterpart, the limited liability company, there can be little formality in setting up a partnership. This can be both a good and a bad thing.

Some advantages to using a partnership are:

  • Setting up and running a partnership is quite straightforward.

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