Implications of a single member company

Hi,

An accountant has just formed a private company for me, I was expecting it to be formed as a single member company but it was formed with both myself and the other director (my wife) as shareholders - my own fault for not making this clear. This is fine with me in terms of company ownership, but I understand that this would mean we would have to hold an AGM, at least on paper. Are there any other different requirements for companies with more than one shareholder?

Have a look at the Companies Registration Office, there are quite a numbe of things that you need to do, or have your accountant do for you.

island27

Thanks for the reply.

I had looked at the CRO site, the most relevant information I could find was leaflet 12. That, and the referenced legislation http://www.irishstatutebook.ie/1994/en/si/0275.html seem to say that a single member company does not need to hold an AGM, and that some decisions can be made by the single member without such a meeting, but that all the paperwork still needs to be completed.

I understand that there are a number of submissions I need to make during the year for any private company, but from what I have read they do not seem to be that much more for a private company with multiple members.

I thought I read before that there were certain restrictions on single member companies, but unless these are to do with being a "connected person" I cannot find any reference to them.

You can, if you want, convert back to a single member company. There is a procedure for this. You then transfer your wifes share to you and you end up as single member with 2 shares instead.

The number of members does not vary the submissions much at all. However as noted once there are more than one member you must hold an AGM. ( not that this is a major thing anyways )