The reform of Irish limited partnerships: in whose interest?

Abstract

Abstract
The Irish Government’s approach to the regulation of limited partnerships (LPs) has for many years prioritised the narrow economic interests of the powerful financial services sector over businesses more generally and the broader public interest. This has created two significant problems. First, non-financial services LPs have missed out on important reforms. Second, LPs have been left open to abuse by wrongdoers, facilitating financial and other criminal offences. Both problems need to be solved if the Government is to fulfil the aims of Project Ireland 2040 to support enterprise generally, create regional growth, and reduce inequality. This article explains how this can be done, taking account of the current law, the draft Registration of Limited Partnerships and Business Names Bill 2024, the extensive vulnerabilities of the LP vehicle to abuse, and the reforms necessary to improve partnership law for legitimate businesses beyond the financial services sector.