Irish Company Models under the Companies Act 2014
4 Apr 2018
The Companies Act, 2014, which came into operation in Ireland on 1 June 2015, consolidated the existing Irish Companies Acts into a single statute and introduced significant reforms to Irish company law.
Nine company models are covered by the Act. These are:
1.LTD, company limited by shares, Part 1-14
2.DAC, Designated Activity Company, Part 16
3.PLC, Public Limited Company, Part 17
4.CLG, Company Limited by Guarantee, Part 18
5.ULC, Unlimited Company with a share capital, Part 19
6.PUC, Public Unlimited Company with a share capital, Part 19
7.PULC, Public Unlimited Company without a share capital, Part 19
8.External Companies, Part 21
9.Unregistered Companies and Joint Stock Companies, Part 22
One of the most talked about changes in the new legislation was the introduction of two new entity types — the Private Company Limited by Shares (LTD) and the Designated Activity Company (DAC) — which we discussed previously in our article entitled “DAC or LTD? 11 Questions for Existing Private Companies”.
Existing private companies have until the end of 2016 to convert to the LTD or DAC model. Some 161,071 existing private companies will be treated like designated activity companies (DAC) under Part 16 of the new Act unless they complete the procedure to convert to an LTD during the transitional period.
For more information about what the The Companies Act 2014 requires of your organisation, directors, members and shareholders, please contact a member of our team.