This is the most frequently incorporated entity for private, commercial businesses and ventures. This is a company limited by shares, a company having the liability of its members limited by the Memorandum to the amount, if any, unpaid on the shares respectively held by them.

A small/medium-sized company need only file abridged audited accounts, showing a limited amount of information, at the Companies Registration Office (CRO). They can also avail of the Audit Exemption if their turnover is less than €7,400,000. It is important to note than an Annual Return must be filed every year with the CRO regardless of whether the company has traded or not.

A private limited company normally consists of 1-4 shareholders but can have more, up to a maximum of ninety-nine. When a private limited company has only a single shareholder, this is known as a Single Member Company. This single or sole member may, if he or she so decides, dispense with the holding of general meetings, including Annual General Meetings. A private limited company must have two directors and a company secretary. One director may act as the company secretary.