I’d be interested in hearing the pros and cons of Partnership vs LLC from you guys[/quote:d1097ac2f2]
Well, from where we stand the sole difference is tax related because we are a family, hence all the hassles that might come from partnering with other people do not apply ;)
Taxwise partners are treated as individuals, all self-employed, so in the PRSI Class "S" (a bad class indeed!) and all net income is taxed at the income tax rates.
Incorporating you can avail of the corporation tax rate (way lower!), and the company can hire the members to cover work tasks (because shareholders have no obbligation to actually work in it unless they have decided so in a separate financial agreement). So, being hired, the members are in the PRSI Class "A". Most of the expenses related to the trade are deducted by the company itself, and having now a few years of tax exemption (tied to the employed amount of people) so if there is enough money flowing in you really want to incorporate ;)