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What is the difference between the different types of Ltd. Company

  • 13-05-2010 1:10pm
    #1
    pipelaser
    Registered Users, Registered Users 2 Posts: 583 ✭✭✭


    Hi Guys,
    I am about to commission a company to develop an iphone application for me.
    I have to sign a Non Disclosure Agreement with them before i give them my idea. On the Non Disclosure Agreement they ask for my company name. Im thinking of setting one up just to make myself look official (Will cost me £20). Just wondering what type of company i should set up.

    Heres the options:
    • Private limited by shares
    • Private limited by gaurantee
    • Private unlimited by share capital
    • Private unlimited without share capital
    Any Ideas?
    Cheers :D


Comments

  • #2
    Eoin
    Registered Users, Registered Users 2 Posts: 21,263 ✭✭✭✭Eoin


    If you're paying them, why do you care about looking professional?

    Also - a registered business name is about €20, but I doubt you can set up a limited company for that.


  • #3
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    As above I'd imagine thats a company name your getting for £20.

    I suggest being very careful with legal structures and keep it simple. For example a Private limited by gaurantee requires a mandatory audit. Quick way to land yourself a €2000+ annual accountancy bill.


  • #4
    thecleverone
    Closed Accounts Posts: 337 ✭✭thecleverone


    Yep. For €20 its definitely a business name you'd be registering, but to answer your query anyway:

    Private limited by shares - Used for a commercial business. Minimum of two shareholders / owners required

    Single member company Limited by Shares: Same as above. Minimum of one Shareholder required though. (still need two directors)

    Company Limited by Guarantee: Usually set up for non profit companies / associations / clubs / charities / property managment companies. Minimum of seven members required.

    Unlimited Company: Don't have to disclose accounts to CRO every years. Higher level of privacy. No Limited liability though.

    Public Limited Company (PLC): A limited company that offers shares to the public for investment purposes.

    Sole Trader: An individual who sets up in business on their own but with no limited liability / separate legal entity. Usually suffices for small / startup businesses.

    Partnership: Same as above but with two or more people.

    Hope this helps
    tco


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