Types of Irish Companies

Ireland represents a profitable and consistent business environment, offering several company types suitable for different kind of businesses. The procedure for company formation and registration in Ireland is rather simple, being finished in a matter of days. Entrepreneurs, foreign or nationals, usually choose limited companies.

Forming a Private company limited by shares in Ireland
This company is usually called a private limited company. It is established by at least two members, Irish or foreign. The number of members may be maximum 50. The shareholders liability is limited to the extent of the capital invested, their personal assets being protected. The shares of a private limited company cannot be offered or marketed to the general public.

Forming a Company limited by guarantee with no share capital in Ireland
For the foundation of an Irish company limited by guarantee with no share capital there must be a minimum of seven members, as this company is a public one. The partner's liability is limited to each one's contribution to the company's assets. As it is a company with no share capital, the members do not have to buy shares. This company type is often used by charitable organizations or professional bodies, because raising funds from the members is not mandatory.

Forming a Company limited by guarantee with share capital in Ireland
The maximum number of a company limited by guarantee with share capital is 99 members, as it is a private company. The partners of this business type are liable to the company's debts and obligations with their unpaid shares, if any, and to the extent of their contributions to the company's assets.

Forming a Public company limited by shares in Ireland
This type of company has to be established by at least seven members, Irish or foreign and has to provide a minimum capital of EUR 38.092 and 25% of it must be paid up. The shareholders are liable to the company's debts and obligations to the extent of their contribution to the company's capital. Unlike in the private limited company, the shares of a public limited company can be offered to the public.

Forming a General partnership in Ireland
A general partnership is set by at least two members who do not have to provide a minimum capital for the formation of the Irish company. The partnership is called general because all the partners are general which means they can be involved in the partnership's management, having the right to obtain profit, but also being individually liable to the company's debts and obligations, to the extent of their personal assets.

Forming a Limited Partnership in Ireland
Limited partnerships are regulated by the Limited Partnerships Act 1907. They can also be formed by at least two members and there is no requirement for a minimum capital. At least one partner of a limited partnership is the general partnership, bearing full liability for the partnership's debts and obligations, but also being able to interfere in the company's management, and at least one partner is limited, being liable o the extent of his own contribution.

Forming a Single Member Company in Ireland
The single member company may be a private company limited by shares or a guarantee company with share capital, incorporated and founded by one single member. Still the company must have at least two directors and a secretary. The sole trader bears full liability to his or her company's debts and obligations, but also manages and obtains full profit of the company.