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Limited Liability Partnership and Company

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  • 21-03-2016 2:11pm
    #1
    kub4e84
    Registered Users Posts: 4 ✭


    Hello everyone,

    I am stating up a business with a friend of mine and I am not sure how to register the company. Do you know whether it is better to set up LLC or limited liability partnership? I am not sure what the process is and I am also looking for the cost effective option. Your advised are greatly appreciated!

    Many Thanks.


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    #2
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    You could register as a partnership but then you are taking on the liability for their actions. Generally its better to go with a limited company in this situation in my opinion its more expensive but when there is more than one person signing cheques then you want to limit your liability. Pedro put together a good post on the key differences but I can't find it now hopefully he'll be along later and post it.


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    #3
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    Have a read of this
    Best of luck with the business.


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    #4
    ContentInfo
    Closed Accounts Posts: 5 ✭ContentInfo


    kub4e84 wrote: »
    Hello everyone,

    I am stating up a business with a friend of mine and I am not sure how to register the company. Do you know whether it is better to set up LLC or limited liability partnership? I am not sure what the process is and I am also looking for the cost effective option. Your advised are greatly appreciated!

    Many Thanks.

    Hi,
    From experience I would strongly suggest a limited company. Do make sure you have a read of pedroeibar1 posting it is very good and explains a lot.

    Remember, with any business be it a partnership or limited co you need a documented plan. It'll ensure you and your partner(s) know what the goals are and whats expected from everyone.

    Best of luck.


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    #5
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    pedroeibar1 wrote: »
    Have a read of this
    Best of luck with the business.

    Have it saved now for next time! Next time the forum is up for discussion making this a sticky should definitely be on the list.


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