While Specially Formed Private Limited Companies are the type of company that we deal with the most, there are a number of different types to select from when setting up a limited liability company for your business.
The Companies Act 2014, effective June 2015, made significant changes to the private limited company -- now known as the Private Company Limited by Shares.
Specially Formed Private Limited Liability Company - now Private Company Limited by SharesSpecially Formed Private Limited Companies are the most common type of company, especially for most Irish commercial businesses who choose the limited liability company option. These limited liability companies are limited to a maximum of 50 shareholders though the majority have no more than two members. If the limited company is ever wound up members liability is limited to the amounts unpaid on their shares.
Ready Made Private Limited Liability Company
Ready Made Private Limited Companies are similar to the Specially Formed Private Limited Company, but this type of company is already incorporated. We carry a limited stock of ready made limited companies. Private companies may not issue bearer shares.
Guarantee Company Without Share CapitalGuaranee Companies Without Share Capital are technically public companies and must therefore have at least 7 members. The members are not required to invest in shares of the company. If the company is wound up they only are liable for the amount agreed to contribute to the company assets. A Guarantee Company Without Share Capital is common with charities, professional bodies, property management company and educational establishments as they are not required to raise funds from members but still retain benefits of limited liability and separate legal personality.
Guarantee Company With Share CapitalIn Guarantee Companies with Share Capital members are liable to contribute to assets amount agreed on winding up plus unpaid amounts due on shares.
Public Limited Liability CompanyPublic Limited Companies have a minimum of 7 members and must have at least €38,092.14 in allotted share capital, 25% of which should be paid up before the company commences trading. Public companies, if authorised by their articles of association, may issue bearer shares.
Single Member CompanySingle Member Companies are either private limited companies or guarantee companies with share capital incorporated with only one member.
There is no limit to the personal liability of the members of an unlimited company though the upside is that financial information does not have to be disclosed publicly, as with limited companies.