Company Types in Ireland
Tax status – profit or loss (the difference between income and expenditure) is taxed at company level, with profit subject to corporate income tax. A Ltd., however, is also exposed to a second layer of taxation, which arises when the company distributes its already-taxed profits to shareholders. Such a distribution is known as a dividend, and it may be taxed at the dividend tax rate.
Legal status – the shareholders of a Ltd. bear no liability for the company’s debts or obligations. A Ltd. issues shares to its shareholders.
Tax status – an LLP has two kinds of members: one kind is in the same position as the shareholders of a Ltd. company, while the other is in the same position as the partners in a GP.
Legal status – the members of an LLP are not liable for the partnership’s debts or obligations. Members hold ownership interests in the partnership.
Tax status – an LLP has two kinds of members: one kind is in the same position as the shareholders of a Ltd. company, while the other is in the same position as the partners in a GP.
Legal status – as with its tax treatment, an LP has two kinds of members. The first are unlimited members (comparable to general partners), who are liable for the LP’s debts. The second are limited members (comparable to limited partners), who carry no liability for the LP’s debts.
Tax status – unlike a Ltd., a general partnership is not itself taxed on its profits or losses; instead, these are allocated to the partners, who declare them on their personal tax returns.
Legal status -the partners in a GP are personally liable for its debts.
Taxation in Ireland
Corporate income tax is charged at 12.5%