Companies Act 2014 - making a change ?

aindriu80

Hi,

I just recently read online about the Companies Act 2014. It seems there are now options to have different versions of a limited company :

http://www2.deloitte.com/content/dam/Deloitte/ie/Documents/Legal/ie-Your-Guide-to-the-Companies-Act-2014.pdf


I have a limited company for contracting for a few years now and I want to know should I / do I have to make a change to its structure ? Any reduction in paper work would be welcome or less people involved, my sister has to sign with me every year.

pedroeibar1

A bit of a lonely thread, no responses after a day.

There are two methods of handling the 2014 Companies’ Act transition – first, the default position is that after the end of an 18 month transition period (from June 1 last) at the end of that period (1dated from the commencement of the new Act) existing private companies will be deemed to have become new model private companie (LTD) (See section 56 of Act). A bit of paperwork and you can say goodbye to your sister.

Should you want to become a designated activity company (DAC), your existing Ltd company can “opt-out” by passing an ordinary resolution anytime up to three months before the end of the transition period to become a DAC, which will continue to have an objects clause and a memorandum and articles of association. (See Section 57). And your sister. I don’t see why you would need a DAC, but your accountant might have a view.

mneylon

I'd talk it through with an accountant or someone providing company secretarial services ..

Depending on what you're doing and how you're doing it the changes could be very simple or more complex ..