Limited Company

You could set up a private or public limited company.

It depends how much money you have and what you hope to achieve that will determine which is best for you.

Usually when setting up in business a private limited company is more suitable as you will have a small number of shareholders and do not want the administrative burdens of a Plc.

We would be happy to discuss your requirements and incorporate a company for you. You may also need some advice as regards your obligations under the Companies Acts.

A Company is governed by its memorandum and articles of association. This sets out a number of procedural issues as regards how the company should be managed.
 

If you have more than one shareholder it may be prudent to enter into a shareholders agreement which encapsulates amongst other things, shareholder involvement in the business and its activities, exit routes, restrictions on shareholders’ activities after leaving the company and possibly tax efficient insurance protection in case a shareholder dies or becomes critically ill.

We can draft an agreement suitable for your needs. You may have an investor and need different classes of shares with different rights attached to them or you may wish to keep it simple. However complex we can work with you to get it right.

Advantages:

• Limited liability
• Separate legal entity
• Tax

Disadvantages:

• Administration- complying with the Companies Acts
• Accounts requirements
   

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