There a number of different types of company types you can chose from in Ireland. Below we have outlined a few of them along with their key characteristics. For more details or if you have any queries you can contact us on the form below.
Private Company Limited by Shares (LTD company)
The most popular type of company in Ireland. This type of company requires a minimum of 1 director and 1 secretary (although it must have 2 different people involved in the case of only having 1 director). The shareholders or members’ liability is limited to the amount, if any, unpaid on the shares they hold. The maximum number of shareholders/members is 149. An LTD company does not have stated objects and can undertake any activity. Part 2 of the Companies Act 2014 refers.
A Designated Activity Company (DAC) – (limited by shares)
Similar to the LTD company above the members’ liability, is limited to the amount, if any, unpaid on the shares they hold and the maximum number of members is 149. Unlike the LTD cmpany, a DAC company must have at least 2 directors. The DACs Constitution includes a memorandum and articles of association. The memorandum will include stated objects meaning it must disclose the nature of its business. Some sectors require businesses operating in their sphere to be DACs.
A Designated Activity Company Limited by Guarantee (DAC) – (limited by guarantee)
Very similar to the DAC (limited by shares) above with the exception that the members have liability under two headings; firstly, the amount, if any, that is unpaid on the shares they hold, and secondly, the amount they have undertaken to contribute to the assets of the company, in the event that it is wound up.
A Company Limited by Guarantee (CLG) (limited by guarantee not having a share capital)
The members’ liability is limited to the amount they have undertaken to contribute to the assets of the company, in the event it is wound up, not exceeding the amount specified in the memorandum. As a guarantee company does not have a share capital, the members are not required to buy any shares in the company. Many charitable and professional bodies find this form of company to be a suitable vehicle as they wish to secure the benefits of separate legal personality and of limited liability but do not require to raise funds from the members.
Private Unlimited Company (ULC)
In an unlimited company, there is no limit placed on the liability of the members. Recourse may be had by creditors to the shareholders in respect of any liabilities owed by the company which the company has failed to discharge. An unlimited company can be either public or private.