Unlimited companies account for just over 2% of all companies in Ireland. Their main distinguishing feature is that members do not have limited liability. There are three types of unlimited company types in Ireland:
ULC – A private unlimited company with a share capital
PULC- A public unlimited company without a share capital
PUC- A public unlimited company with a share capital
Unlimited companies are required to have at least two directors and may have just one member. There is no limit to the amount of members a UC can have. When a UC has two or more members, they may not dispense with holding an AGM. UCs will have a two-document constitution, consisting of a memorandum and articles of association. The name of a UC must end with the suffix “unlimited company” or the abbreviation “UC” although; an exemption from using the suffix is available in some cases.
Some Unlimited Companies may be exempt from using the term “Unlimited Company” from the end of their company name if they obtain permission from the Minister of Jobs, Enterprise and Innovation under section 1237 Companies Act 2014.
Should you wish to incorporate an Unlimited Company, or any of the other company types available, please don’t hesitate to contact the experts at Company Bureau on +353 1 6461625 or email email@example.com.