Business Name Or Ltd.Compay

Acuemen

Hi People!!

i am bit confused, i wish to open a business but don't know how to start shall i just register the business name and start or shall i register the company, kindly advice me, it'l be a very small business i want to start..

Thanks a mil

dunkindonuts

Acuemen wrote: »

Hi People!!

i am bit confused, i wish to open a business but don't know how to start shall i just register the business name and start or shall i register the company, kindly advice me, it'l be a very small business i want to start..

Thanks a mil

I am also interested in an answer to this..

I am same position and i asked a accountant today. He said if you want to start small go for business name then upgarde to ltd as theres alot of costs involved to maintain a LTD.

Acuemen

yeh i heared the same from someone do u know any accountant who charges preferably less

Good Luck stay in touch mzy be we can share loads of information, i actually today happen to go in a Public Library in Ilac Centre, those guys a legend, very helpful and library got the good materials too
i suggest anyone looking good info should go to library.

stay connected

Cheers

swanvill

Hi,

However it all depends on whether you need limited liability, in most cases if you have adequate insurance and small number of employees and will not be borrowing a lot of money then I would recommend starting as a sole trader.

Of course if you envision you making a lot of money initially then you may wish to incorporate to take account of the tax break in the previous budget ( See revenue website - New start-up companies which commence trading in 2009 will be exempt from corporation tax and capital gains tax in each of the first 3 years provided that their tax liability in the year does not exceed €40,000)

Anyway there are quite a few post dealing with this topic in the past and you should get plenty of opinions on the relative merits of sole trader v Ltd .


Regards,
Sean

Excellence Through Service
http://www.accountingplusireland.com

Acuemen

well it's good to get alot of help out of this site, anyone with more advice kindly pour onto me, it's my first go and i need to make it right, am putting all i got in it:)

Columba Rad

From my notes during my "Start your own business" course in FÁS from 2005;

Sole Trader:

Features;

Most common type of business ownership.
Simple structure, easy and inexpensive to set-up.
Small capital required.
Small market.
Personal service.

Advantages;

Full control
Independence
Flexible/adaptable
Confidentiality
Higher incentive
Profit

Disadvantages;

Unlimited liability
Limited resources
Lack of versatility
Strain/burden
Lack of continuity

Hope that's of some use.

I started as a sole trader with my business, I'd suggest this for most start-up business. I recently registered as a Limited company, my accountant suggested it to me.

-Patrick

Acuemen

hey patrick!

thanks alot for your post do u think that partnership will be more or less same attributes, kindly advice me on do's and don't do'es, really appreciate your answer

Thanks a mil

Columba Rad wrote: »

From my notes during my "Start your own business" course in FÁS from 2005;



Hope that's of some use.

I started as a sole trader with my business, I'd suggest this for most start-up business. I recently registered as a Limited company, my accountant suggested it to me.

-Patrick

Columba Rad

Hi Acuemen,

During the course I wasn't interested in Partnerships, I was only interested I what I wanted to do with my business, so concentrated on that . But, I do still have the literature from the course at home, when I get the chance I will upload the info from the Partnerships area and post them up for you.

-Patrick

patftrears

Acuemen wrote: »

hey patrick!

thanks alot for your post do u think that partnership will be more or less same attributes, kindly advice me on do's and don't do'es, really appreciate your answer

Thanks a mil

partnerships would be the same as sole trader but multiply the disadvantages by the number of partners.

Acuemen

Hi there!!

sorry to bother, but which bank is best to go with nowadays?

soddy1979

Hi Acumen,

Things for you to think about when choosing your bank.

(1) High volume of transactions, you need low transaction fees.
(2) Requirement for financing, you need low lending rates & products that suit your business needs.
(3) Large cash balances, you need good risk-adjusted returns.
(4) Income in foreign currencies, you need good value in currency risk management.

blobert

swanvill wrote: »

Hi,

However it all depends on whether you need limited liability, in most cases if you have adequate insurance and small number of employees and will not be borrowing a lot of money then I would recommend starting as a sole trader.

Of course if you envision you making a lot of money initially then you may wish to incorporate to take account of the tax break in the previous budget ( See revenue website - New start-up companies which commence trading in 2009 will be exempt from corporation tax and capital gains tax in each of the first 3 years provided that their tax liability in the year does not exceed €40,000)

Anyway there are quite a few post dealing with this topic in the past and you should get plenty of opinions on the relative merits of sole trader v Ltd .


Regards,
Sean

Excellence Through Service
http://www.accountingplusireland.com

Just wondering whether you think this is liable to be extended beyond this year? I would assume it would if they are looking to encourage business...

Acuemen

but in general which one will you choose??if it's a small bussiness say the return around 4K p/m??

soddy1979 wrote: »

Hi Acumen,

Things for you to think about when choosing your bank.

(1) High volume of transactions, you need low transaction fees.
(2) Requirement for financing, you need low lending rates & products that suit your business needs.
(3) Large cash balances, you need good risk-adjusted returns.
(4) Income in foreign currencies, you need good value in currency risk management.

dunkindonuts

Acuemen wrote: »

Hi there!!

sorry to bother, but which bank is best to go with nowadays?

I just opened my account with aib, I knew the manager in there and they have applied for credit card, got 2 years free banking and also getting an overdraft approved. Thats good to get me started.

sonic74f

Sean,

Is this passed and sanctioned? I thought it was being implemented but that there was a delay on getting it passed?

Thanks,
James

swanvill wrote: »

Hi,

However it all depends on whether you need limited liability, in most cases if you have adequate insurance and small number of employees and will not be borrowing a lot of money then I would recommend starting as a sole trader.

Of course if you envision you making a lot of money initially then you may wish to incorporate to take account of the tax break in the previous budget ( See revenue website - New start-up companies which commence trading in 2009 will be exempt from corporation tax and capital gains tax in each of the first 3 years provided that their tax liability in the year does not exceed €40,000)

Anyway there are quite a few post dealing with this topic in the past and you should get plenty of opinions on the relative merits of sole trader v Ltd .


Regards,
Sean

Excellence Through Service
http://www.accountingplusireland.com