Key Characteristics:

1. Limited liability for partners:

• The main advantage of an LLP is the protection of the personal assets of the partners. This means that if the partnership faces debts or legal claims, the partners’ personal assets are not subject to seizure (unless partners commit fraud or gross misconduct).

• This is an important distinction from a general partnership, where all partners bear full responsibility for the firm’s debts.

Key Characteristics:

1. Limited Liability by Guarantee: Companies Limited by Guarantee (CLG) are companies where members do not own shares but agree to contribute a specified amount (guarantee) in the event of the company’s liquidation. The guarantee amount is outlined in the company’s governing documents and is typically small. This structure is most often used by organizations that do not seek to make a profit.

Key Characteristics:

1. Designated Activity: A Designated Activity Company (DAC) is a company that must strictly engage in the activities specified in its Constitution. This distinguishes it from other types of companies, such as LTD, where the scope of activities can be more flexible. A DAC is obligated to perform only the activities listed in its governing documents and cannot operate outside those parameters.

Key Characteristics:

1. Limited Liability: In a Private Company Limited by Shares (LTD), shareholders are only liable for the amount they have invested in the company’s shares. This means that personal assets of the shareholders are protected, and they cannot lose more than their investment, even if the company faces financial difficulties.

Key Characteristics:

1. Multiple Owners: A partnership in Ireland is a business structure where two or more individuals jointly manage the business and share profits. They also share responsibility for the management and obligations of the business.

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