OH VERY CONFUSED!!!

duncanb

I am very confused.

I want to start a business as a sole trader offering a service to business'.

I know everthing there is to know about the tax end but unsure about business names?so heres my question....

To set this all up do i just need to register a business name, and not register a company?

After i register the name and pay the fee can i immediately start trading?
will a bank let me open an account in the business name's name?

THANKS

dahamsta

duncanb wrote: »

After i register the name and pay the fee can i immediately start trading?

You can start trading under your own name immediately. You should really only start trading under the Registered Business Name after you've registered it, but the Gardaí won't call to your door if you don't.

will a bank let me open an account in the business name's name?

Yes, although some of them will require the account name to be "Your Name t/a Registered Business Name". Depends on the bank, but BOI certainly used to do this.

Please use more descriptive thread titles btw. Most people won't bother clicking through on a stupid one like the above.

adam

duncanb

Thanks adam,

So are ou saying that a someone can start trading as a soletrader once the register a business name only?

Also can you operate a sole trader business out of a personal bank account.

dahamsta

duncanb wrote: »

So are ou saying that a someone can start trading as a soletrader once the register a business name only?

No, that's not what I said at all. I'm sorry, but I don't see how I can put it plainer than the above, someone else will need to break it down further for you.

Also can you operate a sole trader business out of a personal bank account.

Yes, but it's not a very good idea.

DanOB

basically duncan, Adam is saying that you can trade under YOUR name immediately, so lets just say your name is Duncan Bob, you can trade as Duncan Bob immediately, you shouldnt trade using lets say Duncan's Computer Services, until you have it registered as a business name.However, adam said that the gardai wont be calling on your door if you dont abide by this rule of thumb..

there ya go, explained by a 17 year old

duncanb

DanOB wrote: »

basically duncan, Adam is saying that you can trade under YOUR name immediately, so lets just say your name is Duncan Bob, you can trade as Duncan Bob immediately, you shouldnt trade using lets say Duncan's Computer Services, until you have it registered as a business name.However, adam said that the gardai wont be calling on your door if you dont abide by this rule of thumb..

there ya go, explained by a 17 year old

So you ARE saying that a someone can start trading as a soletrader once the register a business name only.

madmik

i understood that you can trade under your own name immediately.
and you should only trade under a business name after youve registered it
although this isnt enforced so you could get away with it

dahamsta

Stick with the day job duncanb.

duncanb

DaMelodrama wrote: »

Stick with the day job duncanb.

Seriously damelodrama, i mean no harm.

But if you carefully go back over the thread you will see that i make perfect sense in what i am saying...essentially you did say someone can start trading once they have a business name and i just looked for clarification.

As for you suggest my sticking with the day job, i think that it is quite unprofessional of you to discourage someone from being enterprising.Shame on you.

Note i am only 17 years of age....i am sure i will make a great entrepreneur in the future...dont assume you are superior to anyone due to the fact that someone does not know something that you do know.

My problem was just that i did not understand whether a business could be formed in a legit manner by the sole act of registering a business name as apposed to registerig a company aswell.

anyway no hard feelings

Are you self employed yourself?

Sonnenblumen

duncanb wrote: »

Seriously damelodrama, i mean no harm.

But if you carefully go back over the thread you will see that i make perfect sense in what i am saying...essentially you did say someone can start trading once they have a business name and i just looked for clarification.

As for you suggest my sticking with the day job, i think that it is quite unprofessional of you to discourage someone from being enterprising.Shame on you.

Note i am only 17 years of age....i am sure i will make a great entrepreneur in the future...dont assume you are superior to anyone due to the fact that someone does not know something that you do know.

My problem was just that i did not understand whether a business could be formed in a legit manner by the sole act of registering a business name as apposed to registerig a company aswell.

anyway no hard feelings

Are you self employed yourself?

Don't take this as an attack, but it is important to distinguish between (a) arse and (b) elbow. So I would recommend spending some time on www.cro.ie and familiarise yourself with all relevant terms sole trader, registering a company, limited company etc etc.

Important to understand the basics before unleashing your entrepeneurial flair.

Good luck, and BTW, never too early to learn;)

Axwell

To answer your question OP, go to the cro website, register the business name. They will send you a certificate with a number on it, this is your RBN (Registered Business Number). This is all you need to start trading, after that depending on what you sell and how much you make you may need to register for VAT etc but starting out you dont need anything else.


For the others its the way he wrote it that seems to be causing confusion

"So you ARE saying that a someone can start trading as a soletrader once they register a business name only."

should read...

"So you ARE saying that a someone can start trading as a soletrader once they register a business name and dont need anything else (only a business name) "

duncanb

Axwell wrote: »

To answer your question OP, go to the cro website, register the business name. They will send you a certificate with a number on it, this is your RBN (Registered Business Number). This is all you need to start trading, after that depending on what you sell and how much you make you may need to register for VAT etc but starting out you dont need anything else.


For the others its the way he wrote it that seems to be causing confusion

"So you ARE saying that a someone can start trading as a soletrader once they register a business name only."

should read...

"So you ARE saying that a someone can start trading as a soletrader once they register a business name and dont need anything else (only a business name) "

Cheers axwell, i appreciate your help and input.

DaMelodrama

DaMelodrama wrote: »

Stick with the day job duncanb.

What an idiotic statement. That's hardly helpful.

dahamsta

Ok, I'll rephrase:

If the OP is unable to understand the very basic explanations he was given, on a very basic topic, by two different people, he should probably wait a while before going into business; because he will have major difficulty grasping the more difficult aspects of running a business, such as accounts, sales and marketing, taxation, etc.

Or, to put it another way:

He should stick with the day job.

He (or you) can take it as an insult or advice, that's up to him (and you). The premise remains the same.

adam

Yeah but you're not the King of Spain, so you don't have a right to be that arrogant, especially behind a keyboard, that makes it even more pathetic. Grow up and try act a bit older than 17.

dahamsta

I wasn't being arrogant, I was being truthful. Sometimes the truth hurts. Now you, sticking your nose in as defender of the righteous or somesuch, you're being arrogant.

I've got better things to do than debate my tone with you. G'luck.