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Limitted Vs. Business name

  • 11-10-2008 8:41pm
    #1
    Jack_Flash
    Closed Accounts Posts: 39 ✭


    Hi all,

    I'm in the process of establishing a small business and I am looking for some advise about the type of structure I should adopt. I've been to see an accountant about setting up and he tells me I should set up as a limitted company as opposed to setting up a regular business name.

    Can you knowledgeable people advise me on what the pro's and con's of limitted vs. business name are?

    Cheers.


Comments

  • #2
    Axwell
    Moderators, Computer Games Moderators Posts: 10,462 Mod ✭✭✭✭Axwell


    Depends on what you are selling, depends on your expected revenue, depends on how many people are involved. More information would be needed to give you a decent answer to be honest.


  • #3
    pseudonym1
    Registered Users, Registered Users 2 Posts: 1,092 ✭✭✭pseudonym1


    As far as I understand as a sole trader - you can claim and write off all expences etc - easy to set up and all profits and liability are yours. Its your own business to do as you please.

    In the case of ltd company can get finance through shares grants etc must employ an accountant and publicaly declare proffits - national insurance is high but have full benifits also only liablity is money invested.

    They both have pros cons perhaps get a business plan together go to local enterprise board for giudance and advice.

    Its easy to upgrade sole trader to co - op ltd company


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