setting up a limited company, single member or multi member?

#1 · 13-08-2011 11:10am #1

hi , i am going to setup a limited company but unsure whether or not to go the route of single member or multi member?

i will be the sole shareholder and full owner.

any advice appreciated.

J.Ryan · 13-08-2011 6:43pm

LH2011 wrote: »

hi , i am going to setup a limited company but unsure whether or not to go the route of single member or multi member?

i will be the sole shareholder and full owner.

any advice appreciated.

That sounds like single member to me.

smcgiff · 13-08-2011 7:24pm

If you go single member you also need to register such separately.

A lot of companies are multi ownership by virtue of the second owner being a spouse.

J.Ryan · 13-08-2011 7:58pm

smcgiff wrote: »

....A lot of companies are multi ownership by virtue of the second owner being a spouse.

Or as in some cases a parent/sibling

seco · 15-08-2011 8:33am

It is possible to change the company from single member to multi member in the future if circumstances change but you should take professional advice if doing so.

dbran · 15-08-2011 8:47am

Hi Seco

This is no problem. You just file an M1 or M2 in the companies Office and amend the memo and articles of the company.

Kind Regards

dbran

seco · 15-08-2011 7:02pm

Hi dbran
Just thinking out of box - possible tax implications if company is successful down the road and an unrelated party comes in as shareholder.

dbran · 16-08-2011 11:23am

Hi

None that would be dependent on it being a single member company. The only thing which "may" be a issue is if the single shareholder dies unexpectedly. As the sole shareholder and owner of the company it may then be difficult to get things done or changed until the estate is settled. This can take ages where there is a dispute involved.

Dbran

LH2011 · 17-08-2011 6:06pm

hi folks, when setting up a limited company, where is it specified, that it is a single member or multi member limited company?

cheers

MBateson · 18-08-2011 7:19am

<edit> I deleted that post <edit>

OP, you specify it on the form you use to set up the company, if memory serves, it's called an A1 form.

LH2011 · 18-08-2011 11:46am

i have looked at a few memo & arts and filed A1 forms but i am not sure where, you specify its a single member ltd company? any ideas

or is it just by virtue that there is only one subscriber to the memo and arts?

thanks

dbran · 18-08-2011 1:17pm

Hi

It also needs to be set out in the memorandum and articles along with other items such as meetings etc.

You should get a company formation agent to do this. Its going to cost you €100 in CRO fees alone if you do it yourself plus the time you are going to spend running around to solicitors and resubmitting erroneous documents to the CRO.

Kind Regards

dbran

setting up a limited company, single member or multi member?

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