Are you interested in starting up a small business as a partnership, or do already have a small or medium sized enterprise and want to bring in someone new as a partner?
If you answered “yes” to either of these questions then there are certain legal partnership agreements that you will need to consider.
How Many Directors must the Company Have?
A minimum of two Company Directors are required. (Corporate Directors are not allowed.) A Director can be of any nationality. One of the Company Directors must be "resident" in Ireland. In the absence of a "resident" director a bond in lieu in the sum of €25,395 must be lodged. A "resident" person is one who is present in the State for an aggregate period of 183 days or more each year or the previous year.
How to close a Limited Company
If the company has ceased trading (or has never traded and is not going to do so) it should be taken off the Register of Companies.
This is vital for two reasons:
The following particulars must be shown on all company headed paper;
The full name of the company (Ltd., may be used for Limited);
The names and any former names of the directors and their nationality, if not Irish;
For various reasons, certain companies that are limited by shares or by guarantee find it in their interests to carry on business without the inclusion of "Limited" or "Teoranta" in their name. Whilst members of a company can decide by special resolution to change the corporate name, they are not allowed to pass a resolution in favour of a change of name that deletes either of the above-mentioned words.
A GUIDE FOR BUSINESS
Combating Late Payment in Commercial Transactions
It has long been recognised that late payment of business debt is a serious problem for suppliers of goods and services. Late Payment can make it necessary for firms to increase borrowing and to extend overdraft facilities. Time and resources can be taken up on maintaining and collecting late payments instead of being devoted to other areas of business.
S.I. No. 388 of 2002 European Communities
(Late Payment in Commercial Transactions)
I, Mary Harney, Minister for Enterprise, Trade and Employment, in exercise of the powers conferred on me by section 3 of the European Communities Act 1972 (No. 27 of 1972) and for the purpose of giving effect to Directive No. 2000/35/EC of the European Parliament and of the Council of 29 June 2000, hereby make the following regulations:
What is needed to form an Irish company?
In order to form an Irish company, the entity must have two designated directors and one company secretary. One director may also act as company secretary.
The directors can be of any nationality but one director must be an Irish resident and the registered company must have its address in the Irish republic.
Foreign nationals must provide copy of passport.
Once you have decided on your company name, you are ready to begin.