Forms of Entities and the new Companies Act 2014
The procedure of company registration in Ireland must be done in accordance with the Companies Act. At the beginning of 2015 the Commercial Code was amended and modernized in order to aid foreign investors wanting to open companies in the country.
Among the Irish Companies Act’s amendments, one refers to the replacement of limited liability companies with new types of business structures. However, foreign entrepreneurs can also choose to set up other types of business entities such as partnerships and sole proprietorships. Foreign companies have the possibility of opening subsidiaries or branch offices in this country and our Business Development Team will be ready and available to provide you full assistance.
The Companies Act mentions the following legal entities which can be incorporated as limited companies:
Private company limited by shares (LTD)
The liability of the shareholder is limited to the number of shares he or she owns in the company.
Designated activity company (DAC) limited by shares
Designated activity company (DAC) limited by guarantee
Company limited by guarantee (CLG)
Public limited company
A partnership is where a minimum of two persons conduct business with a view to making a profit. It must consist of at least two individual or corporate entities and there is normally a maximum of 20. Certain financial partnerships may however have up to 50 members. It is not a separate legal entity – that is to say, a partnership has no legal personality, separate and distinct from the various partners which comprise the partnership. A partnership that adopts a name that does not consist of true names of the partners without any addition must register the name as a Business Name.
The Limited Partnership Act 1907 facilitates the creation of a partnership in which some members have limited liability for the debts of the firm. Their liability is limited to the extent of their contribution. As with a general partnership, a limited partnership is not a separate legal entity.
A limited partnership must consist of at least one general partner and one limited partner. The partnership should not consist of more than 20 persons or, if carrying on the business of banking, of more than 10 persons. The general partner(s) is/are liable for all the debts and obligations of the firm. The limited partners contribute a stated amount of capital and are not liable for the debts of the partnership beyond the amount contributed.
A limited partnership must be registered with the CRO and in accordance with the 1907 Act; otherwise the partnership is a general partnership.
Should you wish to register and use an Irish Limited Partnership for your International Business activities, please talk to one of our business development managers to provide you full information about their excellent tax advantages.
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Disclaimer: While TBA & Associates strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact TBA Customer Services for advice on your specific cases.