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Question about Forming Ltd Company, Rights of Directors?

  • 14-09-2009 6:27pm
    #1
    blobert
    Registered Users, Registered Users 2 Posts: 1,531 ✭✭✭


    Hello,

    I'm in the process of starting a ltd company. I will be investing all the funds being used in setting the company up and will be the 100% owner.

    I would imagine this is the best option from CRO Website:

    Single Member Company
    A single member company is a private company limited by shares or a guarantee company having a share capital, which is incorporated with one member, or whose membership is reduced to one person. However, the company must have at least two directors and a secretary. The sole member, if he/she so decides, can dispense with the holding of General Meetings, including Annual General Meetings (AGMs). However, certain modifications laid down in the European Communities (Single-Member Private Limited Companies) Regulations 1994, have to be made. Also the accounts and reports that would normally be laid before the AGM of a company still need to be prepared and forwarded to the member.

    Now I am assuming I would be a director and the secretary, my question relates to the second director.

    Assuming I get a friend or family member to take on this role, what rights/powers do they have?

    Is it possible to have them listed in this capacity so they have no ownership rights for the company or influence in decision making? If I were to have a falling out with the second director could they in theory make claim to part of the company?

    Just wondering what the level of responsibility involved is and how limited it can be?

    Thanks in advance


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