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Changing from Partnership to LLC

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  • 14-08-2017 2:59pm
    #1
    TheAlkaline
    Registered Users Posts: 399 ✭✭


    Hi,

    Just like the title says what is the procedure to do so?
    I didn't start trading yet and we have decided to change the business entity to LLC instead.

    I looked up google an cro.ie for any information but I can't find anything specific.

    Thanks in advance :o


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    #2
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    TheAlkaline wrote: »
    Hi,

    Just like the title says what is the procedure to do so?
    I didn't start trading yet and we have decided to change the business entity to LLC instead.

    I looked up google an cro.ie for any information but I can't find anything specific.

    Thanks in advance :o
    Who created the partnership? What is in the partnership agreement? There is lots on on partnerships in Google, CRO and this forum. Have you used the 'search' function here?


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    #3
    TheAlkaline
    Registered Users Posts: 399 ✭✭TheAlkaline


    pedroeibar1 wrote: »
    Who created the partnership? What is in the partnership agreement? There is lots on on partnerships in Google, CRO and this forum. Have you used the 'search' function here?

    I used the search function but didn't find anything relevant.
    I checked Google and CRO and struggle to find information on this topic for Ireland.

    I proposed the Unlimited Partnership to CRO, we are not even at the stage of registering the name to revenue. So how hard is it to change the business entity now?


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    #4
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    TheAlkaline wrote: »
    I used the search function but didn't find anything relevant.
    I checked Google and CRO and struggle to find information on this topic for Ireland.

    I proposed the Unlimited Partnership to CRO, we are not even at the stage of registering the name to revenue. So how hard is it to change the business entity now?
    You have not answered the initial questions, so you cannot be properly advised. You say you have not registered the ’name’ with the Revenue. Where did you register ‘the name’ – with the CRO?

    I assume you have no written partnership agreement (foolish). That means you have a ‘partnership at will’ – which means it will be governed by a rather archaic act from 1890. A partnership of any type also is (possibly) the most unsuited structure to use for business in this century. It also means that any partner can dissolve the partnership.
    The bottom line – from the confused info you give it appears you are totally out of your depth and the best advice is to go talk to your accountant before you waste more of your time and money.
    Read this before you go see him/her.


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    #5
    TheAlkaline
    Registered Users Posts: 399 ✭✭TheAlkaline


    pedroeibar1 wrote: »
    You have not answered the initial questions, so you cannot be properly advised. You say you have not registered the ’name’ with the Revenue. Where did you register ‘the name’ – with the CRO?

    I assume you have no written partnership agreement (foolish). That means you have a ‘partnership at will’ – which means it will be governed by a rather archaic act from 1890. A partnership of any type also is (possibly) the most unsuited structure to use for business in this century. It also means that any partner can dissolve the partnership.
    The bottom line – from the confused info you give it appears you are totally out of your depth and the best advice is to go talk to your accountant before you waste more of your time and money.
    Read this before you go see him/her.

    Yes, like I have said before. I have proposed the registration of a business name to CRO.
    We are not trading yet, we have registered the company name with CRO but decided that we would like to change the company structure.

    All I need to know is if it's better to fill in RBN3 for cessation of business and re-register as LLC or is there a way to change business entity without doing so?

    There is no partnership agreement as such for now because we are in the process of writing it, that shouldn't be relevant if both sides give consent anyway.


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    #6
    antoinolachtnai
    Registered Users Posts: 9,793 ✭✭✭antoinolachtnai


    You really need legal or financial advice. Go and find an accountant and ask them to help you and your associate establish a limited liability company. Explain what you have done and that you and your associate do not want to proceed as a partnership.

    It will cost some money. It is worth it.


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    #7
    The_Pretender
    Registered Users Posts: 594 ✭✭✭The_Pretender


    TheAlkaline wrote: »
    I have proposed the registration of a business name to CRO.

    I'm assuming you mean you completed the Form RBN1A and paid the fee to register the business name. If this is all you have done, then all you need to do is submit the Form RBN3 to cease trading and then have the limited company then register the name.


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    #8
    TheAlkaline
    Registered Users Posts: 399 ✭✭TheAlkaline


    The_Pretender wrote: »
    I'm assuming you mean you completed the Form RBN1A and paid the fee to register the business name. If this is all you have done, then all you need to do is submit the Form RBN3 to cease trading and then have the limited company then register the name.

    Thanks, that's what I was looking for.


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