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Buachaill
Buachaill, Barrister
Category: Law
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Experience:  Barrister 17 years experience
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A partner (one of 5) wishes to leave an Irish Partnership and

Resolved Question:

A partner (one of 5) wishes to leave an Irish Partnership and take his "pay off" figure , which was calculated by the Partnership's Appointed Accountant. The Draft Partnetship Accounts and Partnership Tax Returns have not been signed by 2 of the remaining Partners. Are the 3 Partners who have signed both the Draft Accounts and Tax Returns ( includes the retiring Partner) legally entitled to decide to Terminate the Partnership and pay off the retiring Partner. No written Partnership Agreement exists, and no written objection has been lodged by the 2 non complaint Partners. All 5 Partners are siblings owning 4 Rental Properties they inherited in equal shares from their deceased father.
Submitted: 11 months ago.
Category: Law
Expert:  Buachaill replied 11 months ago.
1. Dear *****, In Ireland, under the Partnership Act, 1890, where there is no written partnership agreement, a partnership is automatically terminated upon the leaving on one partner. When the remaining four partners then decide to continue in business, there is a fresh partnership created of the four remaining partners.
Expert:  Buachaill replied 11 months ago.
2. Accordingly, if one or more partners decide to terminate a partnership, then it is at an end. Accordingly, here, where three of the partners decide to pay off the "retiring" partner, that original partnership of five partners is then terminated by operation of law. If the four partners then decide to continue in business there is a new partnership. There is no need to get all five partners to sign off on the accounts. So long as the Partnership Accountant calculate the leaving or retiring partner's share in accordance with the rules contained in the Partnership Act, 1890, then this is a valid accounting for the "retiring" partner. If it is not in accordance with the rules contained in the 1890 Act, then it is not a valid termination and the agreement of all the partners must be obtained if it is disadvantageous to any one partner.
Expert:  Buachaill replied 11 months ago.
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Buachaill, Barrister
Category: Law
Satisfied Customers: 10409
Experience: Barrister 17 years experience
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