In Ireland, Unlimited companies constitute only 2% of the total number of entities. Their distinctive characteristic is the fact that members’ liability is not limited. One can find three forms of unlimited companies in Ireland. These are:
- ULC – Used for private unlimited companies that consist of a clearly perceptible share capital
- PULC – Refers to public limited companies that do not include share capital
- PUC – Refers to public limited companies comprising share capital
The minimum number of directors in unlimited companies is two and a corresponding minimum of one member is possible. This means an Unlimited Company can consist of an unrestricted number of members. Unlimited Companies possess two documents that form part of their constitution. These are the memorandum and articles of association. The title of this type of company ends with the phrase “Unlimited Company” or just “UC”. However, in exceptional cases, the exclusion of the usage of the suffix is possible.
Those hoping to undertake an incorporation process for an Unlimited Company, or simply seeking assistance with company formation or general advice on other kinds of companies out there, can get in touch with the expert professionals at SIGTAX.