Company Limited by Guarantee
Company limited by guarantee without a share capital
This is a public company and the minimum number of members is 7. It is a company which has not been established to earn profits for its members but rather to carry out a specific purpose.
The members liability is limited to the amount they have undertaken to contribute to the assets of the company, being not less than €1 in the event that the company is wound up. Limited By Guarantee companies do not have a share capital, they are not required to raise funds from the members and they still retain the benefits of limited liability and a separate legal entity.
This type of company is favoured by groups of people coming together for a common purpose, it is used for charitable and professional bodies who wish to have the protection of limited liability.
The most commonly uses for Limited by Guarantee Company are:
- Charities - Charitable status can be applied for to the Revenue Commissioners on projects which are set up for charitable, scholastic or religious purposes
- Residential Associations
- Property management
- Owner management property companies
- Sports clubs
- Trade Associations
- Professional bodies
Advantages of Companies Limited by Guarantee:
- They have legal identities separate from its members
- Individual members are almost totally protected against liability
- They can buy and sell property in the name of the organisation
- They can take or defend legal proceedings in its own name
- Companies are generally democratic organisations - they have a membership
We can advise on all aspects of incorporating your Limited by Guarantee Company in Ireland, registration takes 2-3 days.
We are happy to answer any questions you may have about registering a Company Limited by Guarantee in Ireland, detailed help and assistance is provided every step of the way.