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Sole Trader and ltd company

  • 16-03-2009 8:15pm
    #1
    an_other
    Closed Accounts Posts: 183 ✭✭


    Hi guys

    I have recently registered as a sole trader and intend to continue opperating in this as my main source of income.

    I also have ambitions to open an ecommerce store as a secondary income.

    As a sole trader I have no risk because of low start up costs.
    The ecommerce store will require more risk because of inital stock.

    Can I or should I create a ltd company to manage the webstore or just continue as a sole trader?

    Can I be a sole trader and also have the company?


Comments

  • #2
    SKYDOG
    Closed Accounts Posts: 51 ✭✭SKYDOG


    I am in a similar situation to this. I have just left my job to set up a new business, (2 infact!). I will be setting up a company for one of my business as it is a partnership and their will be a lot to it (funding etc..). I spoke to an accountant to get some advise on the other and he persuaded me to stay as a sole trader for as long as I can, you have almost all the benefits of a company without the overheads. I suggest you have a chat with an accountant (try and get a reccomendation from someone sho is really happy with the accountant) for some advise. Good luck with the business.


  • #3
    Neil3030
    Registered Users, Registered Users 2 Posts: 17,154 ✭✭✭✭Neil3030


    an_other wrote: »
    Hi guys

    I have recently registered as a sole trader and intend to continue opperating in this as my main source of income.

    I also have ambitions to open an ecommerce store as a secondary income.

    As a sole trader I have no risk because of low start up costs.
    The ecommerce store will require more risk because of inital stock.

    Can I or should I create a ltd company to manage the webstore or just continue as a sole trader?

    Can I be a sole trader and also have the company?

    Will you be hiring any staff to help you run the store? Can't see why you can't stay as a sole trader if you're not.


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