Friday June 5, 2020

Corporate Recovery: Unincorporated businesses require their own safety net

US presidential hopeful Mitt Romney caught quite a bit of flak last year for claiming that "corporations are people too".

15th September, 2012
George Maloney, corporate restructuring and recovery partner at accounting and business advisory firm Baker Tilly Ryan Glennon.

US presidential hopeful Mitt Romney caught quite a bit of flak last year for claiming that "corporations are people too".

Whatever commentators feel about his contention, the truth is that Irish businesses are made of people, and many of these are operating as sole traders or unincorporated entities, which means that they have neither the same fiduciary duties, nor the same protections as those limited liability companies which operate under the aegis of corporate legislation.

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