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Business loans

  • 24-09-2008 5:34pm
    #1
    shels4ever
    Closed Accounts Posts: 7,598 ✭✭✭


    Hi all,
    Well first time poster here, I'm looking to start a new business along with 3 other people . I was wondering for a business start up loan can you get one of these to buy a share in the business of would all 4 need to apply under the company name.

    Any advise would be welcome.

    Cheers


Comments

  • #2
    redroar1942
    Closed Accounts Posts: 388 ✭✭redroar1942


    Sorry could you clarify what you're asking?


  • #3
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,696 ✭✭✭✭drunkmonkey


    What way are you hoping to structure the company?, are you all going to be equal shareholders?, are you all putting up the same colletral?


  • #4
    shels4ever
    Closed Accounts Posts: 7,598 ✭✭✭shels4ever


    Yes it would be 4 equal shareholders in teh business. I'm just not sure if i should use all my saving and top up with a personal loan,

    Its still early days and i've yet to check out all details with banks solicitor etc .. jsut looking for a few pointers.


  • #5
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,696 ✭✭✭✭drunkmonkey


    Whos going to be putting in the lions share of the work:confused: Have you all costed your time properly?
    Who's got the most to lose? (you and all your savings?:()
    I'm not sure i'd like to get into a 25% split with eveybody...especially if they don't have your belief, passion and energy...

    Rather than investing all your savings in the business it might be better to leave them on deposit and use them as colletral for the loan.....;)

    The dragons den will be on RTE shortly....would you be up for it?:D


  • #6
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    drunkmonkey wrote: »

    The dragons den will be on RTE shortly....would you be up for it?:D

    Entrepreneurship for Dummies! We could all do it if we had investors with big swinging d*cks who took us by the hand and showed us how it was done!


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  • #7
    shels4ever
    Closed Accounts Posts: 7,598 ✭✭✭shels4ever


    drunkmonkey wrote: »
    Whos going to be putting in the lions share of the work:confused: Have you all costed your time properly?
    Who's got the most to lose? (you and all your savings?:()
    I'm not sure i'd like to get into a 25% split with eveybody...especially if they don't have your belief, passion and energy...

    Rather than investing all your savings in the business it might be better to leave them on deposit and use them as colletral for the loan.....;)

    The dragons den will be on RTE shortly....would you be up for it?:D

    Good point there, well myself and my wife would prob have to do most the work, welll she would, and would prob have to give up her current job, so thats something about. Should would be employeed as well as been a shareholder, but thats jsut my initial thinking will have a meeting this weekend to see what the others are thinking.


  • #8
    drunkmonkey
    Registered Users, Registered Users 2 Posts: 28,696 ✭✭✭✭drunkmonkey


    If your wife is doing most of the work, she will be the company, the rest are only investors looking for a return on their money...

    Before you talk to any solicitors, accountants etc it might be best to get some "free" advice from your local enterprise board....there very good especially if your a woman....

    best of luck....


  • #9
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    drunkmonkey wrote: »
    Before you talk to any solicitors, accountants etc it might be best to get some "free" advice from your local enterprise board....there very good especially if your a woman....

    best of luck....

    That's a great bit of advice, I'm going to follow that myself. In college every entrepreneur that came in to speak to us about their business etc pretty much blasted the enterprise board and said don't bother unless you are a high potential bla bla bla.

    Would they be useful in terms of hooking you up with a mentor or do you have to pay for that etc? We had business mentors in college but the college arranged it so no idea what the story is usually.


  • #10
    aidan.connolly
    Registered Users, Registered Users 2 Posts: 250 ✭✭aidan.connolly


    Hi, I can only speak for Fingal enterprise Board.

    I did a start your own business course with them a couple of years ago and as part of the deal , you got 10 hours with a mentor.
    However I still think you can apply for mentoring without attending the course, and the cost is still subsidised.
    Good luck.


  • #11
    information
    Closed Accounts Posts: 362 ✭✭information


    shels4ever wrote: »
    Hi all,
    Well first time poster here, I'm looking to start a new business along with 3 other people . I was wondering for a business start up loan can you get one of these to buy a share in the business of would all 4 need to apply under the company name.

    Any advise would be welcome.

    Cheers
    This is a new business you are starting up ? yes

    The only reason you should do it like you stated, ie (Buy shares in the business)
    Is if you are going to be using the Seed Capital Scheme, to claim back tax.

    Other wise.

    It is better to just set-up the company each owner have shares but only charge €1 for the shares and then get a bank loan to fund the business.


    Even if you are going to put money into the company, it is better to loan it to the company rather than buying shares as the loan can be repaid to you tax free. Other wise you would have to pay tax on extracting your investment from the company.

    Deleted User wrote:
    enterprise board and said don't bother unless you are a high potential bla bla bla.
    your mixing enterprise boards up with enterprise ireland.


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  • #12
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Darragh29 wrote: »
    Entrepreneurship for Dummies! We could all do it if we had investors with big swinging d*cks who took us by the hand and showed us how it was done!

    If you can find an acceptable way of reducing and sharing the risk of a new venture, you should definitely consider doing it. Don't be proud.


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