We are now at the final part of the 3 Part series covering the main options open to anyone wishing to start a business. This option is to form a Limited Company.
There are number of types of limited company but the most common one is a company limited by shares. If the company is a limited liability company, the shareholders’ liability should the company fail is limited to the amount, if any remaining unpaid on the shares held by them. A company also requires 2 Directors and a Company Secretary although one of the directors can undertake the secretarial role. Many start-ups are slightly apprehensive about the procedure involved in forming a company but we can remove this worry by doing everything for you. The process usually takes a week from start to finish. We can also complete the required registration for taxes that all companies must carry out before they start to trade.
The main advantage of a limited company is that it is a separate legal entity from the individual directors. In other words, the company is distinct from the directors and the shareholders. It may be more suitable for certain types of business than others. On the flip side the administration costs are higher as an annual return must be made to the Companies Registration office and there are also Corporation Tax filing obligations. We would advise that you speak to a professional adviser such as ourselves to ensure that you can make the best decision for your business.
This concludes the 3 part series on the options available to anyone looking to set up a business. We hope you found them useful and should you have any questions, please do not hesitate to contact Robert or Ciarán at our office in the centre of Dublin.