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Single Director

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  • 07-03-2007 5:19pm
    #1
    information
    Closed Accounts Posts: 362 ✭✭


    Did anyone hear about the CRO bring in limited companies with only a single director this year?
    Cheers


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    #2
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    Nope :confused:


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    #3
    narommy
    Registered Users Posts: 469 ✭✭narommy


    No but only having on has some serious implications

    IE your personal assets are vunerable.

    In fact if is an offence fo a chairman to allow a second directore to resign without a replacement but it is possible for the second directoreto resign withthe right advice

    There is a way to be asole shareholder but I can't remember the detail


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    #4
    frobisher
    Registered Users Posts: 2,413 ✭✭✭frobisher


    narommy wrote:
    There is a way to be asole shareholder but I can't remember the detail

    I don't think being a sole shareholder is a problem at all, directors don't have to own shares if you form a single member company, although you still need at least 3 directors. There's more info here: http://www.incorporate.ie/single-member-company/single-member-company.html & directly from the CRO: http://www.cro.ie/template_generic.asp?ID=514&Level1=1&Level2=1&Level3=0&Level4=0&Level5=0

    I've been looking into it and these guys seem cheap (but please do look around for yourself too); http://www.registeracompany.ie/pricing.cfm

    This isn't the kind of thing you want to do and later find out that you made a mistake so be sure that you what you do is what's right for you.
    Good luck.


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    #5
    information
    Closed Accounts Posts: 362 ✭✭information


    A company with a sigle shareholder is called a single member company,
    it only differs from setting up a standard company by having the word
    Single Member written on the top of the documents.

    A company only needs 2 directors not 3.

    Someone told me that, in the last CRO output, it said that they would be bringing in single director companies, I was just looking to see if anyone could confirm that, fead up waiting for 20mins on the phone to the CRO.


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    #6
    frobisher
    Registered Users Posts: 2,413 ✭✭✭frobisher


    information wrote:
    A company with a sigle shareholder is called a single member company,
    it only differs from setting up a standard company by having the word
    Single Member written on the top of the documents.

    I think there actually might be a few other differences brought in under European law in 1993. Nothing massive though.


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    #7
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    A company can be a single member company.


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    #8
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    kluivert wrote:
    A company can be a single member company.

    As are most men:)


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