| This is a rapidly expanding area of Law as the effects of the Celtic Tiger are felt throughout the country and not just the major urban areas. In that regard, Killarney has always been somewhat atypical of small rural towns. It has a high proportion of commercial companies and has more Grade A Hotels than anywhere else in Ireland except Dublin. |
| Drafting commercial documents is highly complex and requires specialist knowledge of the industry involved and the law applicable to it. These include Company Formations, Share Purchase Agreements, Joint Venture Agreements, Employment Contracts, Patent, Trade Mark and Copyright Agreements, Agency and Franchise Agreements, Transfer of Undertakings, etc. |
| Company Formations and Share Purchase Agreements There are three principal reasons for incorporating a Company to run your business:- |
| 1. Continuity: The Company is a separate legal entity to the individual - therefore the death of the individual will not impact adversely on the daily operations of the Company. The shareholding of the individual in the Company will form part of his Estate. |
| 2. Limitation of Liability: The liability of the directors and shareholders of the Company is limited to the investment in the shares purchased by the shareholder at the outset - this is obviously on the basis that the shareholders/directors comply with Company Law with regard to filing accounts, etc. In the event of a demise of the Company, it will not adversely effect the personal assets of the shareholders. Banks often bypass this by insisting on Directors providing personal guarantees. |
| 3. Favourable Tax System: The tax code applicable to Companies differs significantly from that in relation to individuals. Professional accountancy advice should always be taken prior to incorporating a Company. This, apart from anything else, should clarify whether the expense of incorporating the Company at the outset and more importantly by the annual auditing costs is justified, having regard to the potential turnover and tax treatment of the Company. |
| Shareholders should also investigate whether it is necessary to have Shareholders Agreement between the shareholders regarding the Company - the Agreement will determine the ongoing relationship of the shareholders during the currency of the Company and more importantly the rights and obligations in the event of one of the shareholders seeking to dispose of his shareholding in the Company. |
| The process of incorporating a Company takes between 4 to 6 weeks, depending on any special requirements. The firm has direct Internet access with the Companies' Registration Office to facilitate company searches. |