Types of Limited Liability Companies

Specially Formed Private Limited Companies

Specially Formed Private Limited Companies are the most common type of company, especially for most Irish commercial businesses who choose the limited company option.

These limited companies are limited to a maximum of 50 shareholders though the majority have no more than two members.

If the limited company is ever wound up members liability is limited to the amounts unpaid on their shares.

Ready Made Private Limited Companies

Ready Made Private Limited Companies are similar to the Specially Formed Private Limited Company, but this type of company is already incorporated.

Guarantee Companies Without Share Capital

Guaranee Companies Without Share Capital are technically public companies and must therefore have at least 7 members.

The members are not required to invest in shares of the company. If the company is wound up they only are liable for the amount agreed to contribute to the company assets.

A Guarantee Company Without Share Capital is common with charities, professional bodies, property management company and educational establishments as they are not required to raise funds from members but still retain benefits of limited liability and separate legal personality.

Guarantee Companies With Share Capital

In Guarantee Companies with Share Capital members are liable to contribute to assets amount agreed on winding up plus unpaid amounts due on shares.

Public Limited Companies

Public Limited Companies have a minimum of 7 members and must have at least €38,092.14 in allotted share capital, 25% of which should be paid up before the company commences trading.

Single Member Companies

Single Member Companies are either private limited companies or guarantee companies with share capital incorporated with only one member.

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