Not for Profit Companies are required when a company is not set up solely to make a profit, for example a sporting organisation, a local community group or a management company for a group of apartments, then it would normally be setup as a Company Limited by Guarantee, particularly if the company is expecting to apply to become a charity.
This type of company must have a minimum of seven members. The members’ liability is limited to the amount they have undertaken to contribute to the assets of the company, normally €1 each in the event it is wound up, not exceeding the amount specified in the memorandum. Many charitable and professional bodies find this form of company to be a suitable vehicle as they wish to secure the benefits of separate legal personality and of limited liability but do not require to raise funds from the members. Not all Members need become Directors. Forming a Not For Profit company with ourselves costs €399 plus VAT and includes our normal 17 point starter pack.
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