Are you an existing company limited by guarantee?
Following the recent changes to Irish Company law existing companies limited by guarantee now fall into two categories:
A company limited by guarantee and having a share capital is now automatically a Designated Activity Company.
The new company law rules that apply to this type of company are set out in Part 16 of the Companies Act 2014. Such a company has a maximum of 149 members.
A company limited by guarantee and not having a share capital is now automatically a company limited by guarantee, a CLG. The new company law rules that apply to this type of company are set out in Part 18 of the Companies Act 2014.
What do I need to do following the changes in the law?
You can immediately formally change the name of the company so that it now ends with "Designated Activity Company" (DAC) or "Company Limited by Guarantee" (CLG).
The members of the company will need to pass a special resolution to approve the change of name.
To notify the Companies Registration Office (CRO) of this name change for free, you must file the change of name by 30 November 2016 by completing a form N3 and filing revised constitution documents (memorandum and articles of association) that display the new name and a list of the original subscribers (members) of the company on its incorporation.
If you are currently exempt from including limited in your name the exemption will continue and no change will be required.
To discuss your requirements please contact us.
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The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article