Important benefits and facts to know:
Operating as a limited company often gives suppliers and customers a sense of confidence in a business, and, quite often, larger organisations, in particular, will prefer not to deal with non-limited businesses. Also, many of the costs associated with managing and operating a limited company are no longer much greater than with a non-limited business. In general terms, at least from the perspective of taxation and accountancy, changes to legislation over the last few years have meant much lower costs associated with limited companies. However, in the case that you decide to trade as a partnership or as an individual, the creditors can claim any, and all, property in order to satisfy the debt that may exist. In this situation, bankruptcy may be a threat, and an individual who becomes bankrupt due to insufficient funds is forbidden to start another business or to become a director of a limited company. Regarding selection of a limited company name, the formation of a limited company is one simple and low cost method of protecting a business name; in fact, many clients incorporate companies in anticipation of future development of new businesses, or in order to protect the limited company name of an existing non-limited business for the future. No two limited companies can exist with exactly the same name.

In summary, the main aspects of Irish limited companies to remember are:

Setting up a limited liability company offers just that: limited liability.
There may be a greater degree of business credibility of trading through a limited company.
Ownership of a limited company can be spread over a greater number of people.
Shareholders in a limited liability company are only liable to lose the share capital to which they subscribe.
The rights of shareholders are normally clearly defined and protected.
Employees can acquire shares.
A company is a legal form of a business organisation, which is classed as a separate legal entity and, therefore, is separate and distinct from those who run it; the company, and not the individual shareholders, is the appropriate person to be sued in the event that unpaid debts are incurred by the company.
For sole traders and in partnerships, the individuals’ personal assets are at risk if there is a claim against the organisation.
Scope for a greater company pension scheme can be secured through a limited company.
A limited company has a greater ability to raise finance by the issue of shares and also under the “Business Expansion Scheme”.
The company's name is protected; incorporation of a limited company protects the name from use by another limited company.
Limited companies have flexible borrowing powers.
The company continues despite the death, resignation or bankruptcy of members.
The interests and obligations of management are defined.
Appointment, retirement or removal of directors is straightforward.
Personal tax advantages can accrue for directors of a limited company.
Ireland's Corporate Tax Rate of 12.5% is one of the lowest in the world.
Directors pay income tax, and the company pays corporation tax on company profits; under current tax rates, company profits earned and retained in the business are assessed to corporation tax at lower rates than if income tax were payable on equivalent profits earned by an unincorporated business.