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Requirements to start a company limited by guarantee in North of Ireland: a company limited by guarantee is a type of corporation, that is mainly used by non-profit organisations in order to have a legal personality. They are often formed by clubs, membership organisations such as unions or sports groups, and also by charitable companies. They differ from other corporations as they don't require share capital, or shareholders.
Instead, the company limited by guarantee is registered with guarantors. While this type of corporation is used by non-profits, it is possible to distribute profits to members. However, if you were to do this your non-profit company would not be eligible for charitable status.
If you're looking to register a company limited by guarantee in Northern Ireland, then we can help. There are plenty of requirements for North of Ireland non-profit company formation, outlined here, but as a top company formations agency we can make the process simple and stress free.
North of Irish company limited by guarantee start-up requirements: the first requirement for any company's incorporation is registering with Companies House. You can opt to do this yourself, but if you choose to create your company limited by guarantee in Norlin Airlann through Coddan, we will complete and file all the necessary documentation for you, saving you time and effort, and ensuring there are no mistakes with the process.
Also necessary to opening a company limited by guarantee is having at least one company director, whose name and address will be stated in your articles of association.
All directors and members must make a guarantee to pay a limited amount, which is usually just £1, in case of a scenario where the non-profit association receives a winding up order. You must also define the guarantee company's activities by submitting an object clause, along with a declaration that restricts directors from paying out profits, instead pledging to reinvest them in order to fulfil the company's objects.
In total, you must submit four forms in order to establish a company limited by guarantee. These include a memorandum of association, which must include the company's name, it's location and function, along with its objects and liabilities. You must also submit articles of association, in which you describe how the business will be run, along with the statement of the first directors, secretary and registered office address, which states where the registered office is, and naming the directors and their addresses.
Finally, you must also submit the declaration of compliance with the requirements of the Companies Act, which proves that your company limited by guarantee meets all legal registration requirements.