With a diverse array of options, Irish business owners benefit from many flexible company structuring possibilities. These include Private Limited Company(LTD), Designated Activity Company(DAC) and Public Limited Company (PLC)
Private Company Limited by Shares (LTD) is the most popular choice among these; its shareholders are liable only to their investment and it can be run with one director if an appointed secretary is present. For LTDs, up to 149 shareholders may be allowed in Ireland but complete 100% ownership over shares remains possible for single persons as well.
The Designated Activity Company (DAC) is an Irish limited company under the New Companies Act 2014 for those wishing to strictly define responsibilities in their constitution. It has a memorandum and articles of association that detail business activities, with up to 149 members required. Like LTD entities, DAC companies may pass written resolutions unless stated otherwise; however they have other key requirements such as authorised share capital, two minimum directors and annual general meetings when applicable.
A Public Limited Company (PLC) is a type of limited company that has been introduced to the stock exchange, making it available for public investment. This model welcomes an unlimited amount of shareholders but requires at least seven in number and relieves them from any losses incurred beyond their invested amount into the PLC itself. In order to qualify as such, two directors must be appointed alongside presenting documents outlining its constitution with memorandum and articles of association; however audit exemptions are not applicable under this structure.
All three types of companies must file annual and tax returns with the Companies Registration Office. For more information on company registration in Ireland, visit the CRO website.
Regardless of which type you choose to set up your business as, all companies in Ireland are subject to legislation contained within the Companies Acts 2014-2019. To ensure you are compliant with the law, it is important to read and understand these regulations before registering your business.
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