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Issued share capital for starting new limitied company

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  • 31-05-2012 9:35am
    #1
    CitizenKeane
    Closed Accounts Posts: 74 ✭✭


    Hi,

    I'm starting up a new limited company and used one of the online sites for getting the forms completed that I need to send to CRO (A1, Articles of Association, Memorandum of Association).
    I probably should have gone for one of them that does it all for you, but I decided to do some myself as I'm interested in how it works (plus I'm a bit cheap!).
    So I see in the share capital section there are 1,000,000 authorised shares at €1.00 each, and 1000 of them are issued to me.
    I read in most cases that it's 100,000 authorised shares at €1.00, which 100 issued.
    I haven't sent the forms to CRO yet, and am wondering is there a need for me to change it to 100 issued shares i.e. basically, do I need to pay the €1000 for my issued shares? If I do, at what point does it fall due?

    Any info/tips from experience would be great! Thanks


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    #2
    CitizenKeane
    Closed Accounts Posts: 74 ✭✭CitizenKeane


    I think I found the answer to my own question on CRO website.

    "A private limited company limited by shares: The members’ liability, if the company is wound up, is limited to the amount, if any, unpaid on the shares they hold."

    So it's only in the case that the company is wound up and has liabilities greater than €1000 that I would have to pay up that full amount?
    That's fair enough, think I'll leave the forms as is in that case.


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