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Single Memer Private Limited Company

  • 27-07-2009 10:09am
    #1
    irishsancho
    Closed Accounts Posts: 23 ✭


    I am trying to start a Single Member Private Limited company (with one company Director). I was informed by my accountant last week that this was possible and now he has come back to me and said that legislation has not been passed yet( but will be in place for December) to enable me to do so.

    I read here that it is possible.

    Has anyone started a Single Member Private Ltd. company recently?


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    It is definately possible to form a single member company. This is where all the shares are held by one person. I have formed one myself.

    However you will still need to have a minimum of two people to agree to be directors of the company.


    Regards


    DB


  • #3
    irishsancho
    Closed Accounts Posts: 23 ✭irishsancho


    Thanks DB.

    I was hoping to form a company with just myself as a Director, but now that doesn't seem possible.

    Are there any tax implications for the second Director in a Single Member company?

    The other (non shareholder) Director I have in mind is a PAYE worker and I need to be 100% certain that this will have zero effect on their allowances, ability to claim back tax on dental, medical expenses etc, and also tax credits etc.


    Thanks,

    I.S.


  • #4
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    I would not think so as they will not be a propriatary director (hold >15% of the shares of the company) they will not be subject to self assessment procedures. They will still retain whatever status they had previously.

    Regards

    DB


  • #5
    rabbit Stew
    Closed Accounts Posts: 132 ✭✭rabbit Stew


    Totally agree with dbran.
    You can hold all the shares but the company must have atleast 2 directors.
    This does mean that the second director does have a certain amount of duties and liabilities and these should be explained in detail to the individual before they agree.
    There is a small bit of info on directors here http://www.formacompany.ie/directors.html


  • #6
    irishsancho
    Closed Accounts Posts: 23 ✭irishsancho


    That's great.

    Thanks for the replies.


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  • #7
    thecleverone
    Closed Accounts Posts: 337 ✭✭thecleverone


    I'd be good to re-iterate that in the term "Single Member Company", member = shareholders. So this means you can have a company with just one shareholder, but at present, you still need a minimum of 2 company directors.

    What your accountant was referring to was correct though. The new Companies Act, due to be in sometime next year, will provide for not only single member companies, but also single Director companies.


  • #8
    rabbit Stew
    Closed Accounts Posts: 132 ✭✭rabbit Stew


    Well if thats the case you might want to keep your powder dry till they sign this into law too.
    http://www.boards.ie/vbulletin/showthread.php?t=2055633170


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