Setting up a limited company is often the right step as a business grows — it separates your personal finances from the business and can be more tax-efficient. But it also brings real legal responsibilities.
Getting the structure right at the start saves a great deal of difficulty later, particularly where more than one person is involved.
A limited company is a separate legal person — with its own duties, and its own protections.
Incorporation with the CRO
A company is formed by registering with the Companies Registration Office. That involves choosing a company type, preparing a constitution, and filing the required details of directors, secretary, and share structure.
Director duties
Once appointed, directors take on legal duties under the Companies Act — to act in good faith, in the company’s interests, and within their powers. These duties are personal, and it’s important to understand them from day one.
Don’t skip the shareholders’ agreement
Where a company has more than one shareholder, a shareholders’ agreement sets out how decisions are made, what happens if someone wants to leave, and how disputes are handled. It is far easier to agree these terms while everyone is aligned.
A clear shareholders’ agreement is the cheapest insurance a new company can have. Put it in place at the start, before disagreements ever arise, and it protects everyone involved.
How Oak Legal helps
You’ll work directly with Jason Burke to incorporate correctly, understand your duties as a director, and put the right agreements in place so your business is on solid legal footing.