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Is there advantages to setting up a PLC for rental income from the United States

  • 23-08-2008 10:57pm
    #1
    mcmorrowg
    Registered Users, Registered Users 2 Posts: 38 ✭


    I own 1 property in Florida that is rented sporadically. Does anyone know if it would be worth while setting up a limited company for tax breaks - savings?
    Tagged:


Comments

  • #2
    bren2002
    Registered Users, Registered Users 2 Posts: 1,208 ✭✭✭bren2002


    A PLC is a publicly traded company, ie. listed on the stock market. Not sure this is waht you want, I suspect you mean Limited company.


  • #3
    probe
    Closed Accounts Posts: 2,055 ✭✭✭probe


    bren2002 wrote: »
    A PLC is a publicly traded company, ie. listed on the stock market. Not sure this is waht you want, I suspect you mean Limited company.
    I suspect he meant an LLC - which is the normal international English language term for a limited liability company.

    Only a birdbrain of an entrepreneur would want to incorporate a company ending with the word "limited"!

    In virtually every other country of the world, company names end with a word that indicates that it is a corporation (ie not a natural person with arms, legs, a head etc), which is the substantive legal issue. Examples SA, NV, AG, GmBH, Spa, BV, Inc, Corp, LLC....

    It reminds me of the "red flag law" in England. When cars first came out, the law required someone with a red flat to walk in front of the car all the time!

    Everyone presumes that a company has a limited liability these days. It is a needless and stupidly worded addition to the company name.

    If there is a wrong way to do things, Britain will invent it, and Ireland will copy it, and keep it on the statue books forever and a day!

    .probe

    PS PLCs do not have to list their shares on the stock market. They have other requirements such as a minimum share capital of something like €39.000 and other crap relating to directors, and trading certificates etc.


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