Type of Companies
There are 5 different types of businesses that can be registered with the CRO.
- Private Limited Company : This is the most usual type of company in Ireland. This entity will be limited by shares – the liability of the members of the company is limited by the Memorandum to the amount unpaid, if any, on the shares held by them. A Private Limited Company may have a maximum of 99 members and the members may be individuals or other companies.
- Single Member Company : A single member company is a private company limited by shares or a guarantee company having a share capital, which is incorporated with one member, or whose membership is reduced to one person. However, the company must have at least two directors and a secretary.
- Public Limited Company : This type of company must have a minimum of 7 members and no maximum number. The member's liability is limited to the amount, if any, unpaid on shares held by them. The PLC is used when a listing on the Stock Exchange is required.
- Limited Liability Partnerships : This is a rarely used structure in Ireland. Known as the LLP, it comprises at least one general partner and one limited partner. The general partner is liable for all the debts and liabilities of the firm whereas the limited partner contributes a stated amount of capital and is not liable for the partnership’s debts beyond the amount that it has already contributed. A partnership can be made up of individuals or corporate bodies
- Private Unlimited Company, having a Share Capital : In this type of company, the liability of the members is unlimited. Creditors of such a company may seek recourse from the shareholders for liabilities that the company is unable to settle.