I don't like to sound dismissive on your excellent forum, however I need to reply to your question without answering it.
There are very good reasons for forming this family limited partnership, but I am hardly going to discuss these on a public forum!
You may rest assured that I know what I am doing and why.
A family partnership is a term used to describe a partnership between members of a family, often parents and their children. It can be a useful vehicle for holding investment and/or trading assets for the benefit of a number of family members.
www.grantthornton.ie
And the pdf they attached is useful.
Not sure how much they cost to set up and run.
I imagine that to be worthwhile, there would have to be substantial assets.
And if there are substantial assets, the costs of running it should be a small part of the overall size of the partnership.
Patricia is a successful Entrepreneur. She is concerned that her family are not prepared for the wealth that she will leave behind and, like may people, the global pandemic has focused her mind. We have a plan for that
joom.ag
legal fees are generally around €5000 so we generally consider these to be good value around €1m plus
you need to prepare an annual partnership account and each partner must file their own tax return although for minor children/young adults these are settled by the partnership
I don't want to sound churlish, but the circumstances that have led me to register another Irish LP are very specific to the situation, with family partners residing in multiple countries. This is not about CAT, and has non-tax purposes. The capital of the partnership will depend on the partners' inputs over time. The cost of setting up and operating the LP and making the requisite filings is immaterial as it fits into the scope of my professional activities. But the LP needs an LEI, hence my original question. There seems to be a bit of a wild west market in these.