Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Limited liability company?

  • 03-03-2009 6:41pm
    #1
    Eden Substantial Back
    Posts: 4,186 ✭✭✭ Eden Substantial Back


    In a Limited liability company by shares.
    If there are 3 people who jointly go into business together,can they all be joint directors in the company and split the shares between them equally,or does one of them have to be a secretary etc?

    Is there a way for all of them to be equally responsible?

    And what would be the worst case scenario in case of legal action etc?
    Thanks


Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Somebody has to be the secretary, or you can get someone from the outside (not a director) to be the secretary.

    I would suggest that someone has to be the boss, and has to be in charge.

    The worst case scenario is that you spend years in court arguing over things.

    You need a shareholders' agreement to cover the various things that can happen (if there's a sale, if someone wants to sell their shares, if someone wants to force a buyout of someone else)


  • #3
    Eden Substantial Back
    Posts: 4,186 ✭✭✭ Eden Substantial Back


    antoinolachtnai wrote: »
    Somebody has to be the secretary, or you can get someone from the outside (not a director) to be the secretary.

    I would suggest that someone has to be the boss, and has to be in charge.

    The worst case scenario is that you spend years in court arguing over things.

    You need a shareholders' agreement to cover the various things that can happen (if there's a sale, if someone wants to sell their shares, if someone wants to force a buyout of someone else)


    Can one of the directors be the secretary?

    ie 3 directors one of whom also acts as secretary?


  • #4
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Yes they can.


  • #5
    thecleverone
    Closed Accounts Posts: 337 ✭✭thecleverone


    Can one of the directors be the secretary? ie 3 directors one of whom also acts as secretary?

    Yes, one of the directors can also be the secretary but remember, it does not make them more important in the company than the other directors and it doesn't make them the chief decision maker or give them extra "clout". They will just have extra responsibility in relation to keeping the company ticking over nicely and ensuring that all filing obligations are met, all meetings are co-ordinated and minuted and they will be the individual with whom CRO and Revenue will correspond with should any queries arise.


  • #6
    cosecretary
    Closed Accounts Posts: 31 ✭cosecretary


    Yes one of Directors can also be company secretary.

    Might be worth downloading the booklets from ODCE website with regard Directors Duties, powers and functions and they have booklet for company secretary also, I always suggest that new officers are made aware of their legal responsibilities before they are appointed as failure to be aware of your obligations can have serious legal consequences for Company Officers.

    It also might be worth considering appointing a company as company secretary if you feel no Directors are willing to act in that capacity many company secretarial providers have companies which act as company secretary on behalf of their clients companies.


  • Advertisement
Advertisement