Which type of company to create on CRO.ie?

musicformedia

Hi guys,
I need a little bit of help. I've never set up a business before, and I'm about to do it now. I want to set up an LLC company, and theres just one person in it - me

I've limited it down to two different types of companies:

• A private company limited by shares: The members' liability, if the company is wound up, is limited to the amount, if any, unpaid on the shares they hold. The maximum number of members is 99.

• A company limited by guarantee having a share capital: As this will be a private company the maximum number of members is 99. The members have liability under two headings; firstly, the amount, if any, that is unpaid on the shares they hold, and secondly, the amount they have undertaken to contribute to the assets of the company, in the event that it is wound up.

I'm honestly not sure which one it should be though. Does anyone have any idea?

Its a company that deals with the public and students.

Any help is greatly appreciated.

Thanks
Emmett

DoMyBooks

A company limited by gurantee is generally only set up by non profit organisations. If you are a profit making organisation you would register a private company limited by shares.

I would strongly suggest you do a lot of research (or take professional advice) before registering a company or you could end up with large accountancy / audit fee's very quickly. Its not something to jump into.

Hope this helps.

musicformedia

Hey Domybooks, thanks so much for your reply. I will be very wary about setting up a business now so - thanks for your reply

I have one other quick question. Sorry I should be asking an accountant this, but if you know the answer why not Basically, I will be paid a constant wage by a company in Australia to promote them over here. As I would be being paid a constant wage, could I just register a business name? The only reason I need a business/business name is to setup the website and get some marketing material done up.

I mean, technically I'm just working for them. They just want me to market them over here, so I'm a little confused as to what to do

Thanks again
Emmett

miju

If thats the case then you could just register a business name, there doesnt seem to be much need for limited status from what you've described above.

musicformedia

Yea cool thanks for that. I was thinking that to be honest. I'll just register the business name tonight and start it all off. I didn't even think about the fact that you had to do your accounts each year if you register an actual business.

Thanks for all of the help guys

Emmett