Question from a start-up newbie

Canonfan

Hi all,

I just started a business (internet cafe), my question is should I register as sole trader or partnership or limited company and which suits me best?


Many thanks in advance.

the wine guy

Hi Canonfan,

Best of luck with the new venture, I actually owned an internet cafe before - tough business- but good margins on printing, faxes etc if you get the turnover.

With regards to your question I would advise registering as a sole trader in the first instance, the CRO regulations are a lot less than for a Ltd company and the accountancy costs are also less. You can always convert to a Ltd. company when you get bigger.

Main advantage of a Ltd co is protection from creditors, you should not have many and in any case personal guarantees are practicaly a certinty in the current climate,

Cheers,
TWG
www.startups.ie

Canonfan

Hi TWG,

Thanks for the advice. The business is pretty good, I must have done something right.:)

I'm planning to hire 1 full-time or 2 part-time Irish staff, can I do that as a sole trader?

By the way, i checked your website, very helpful.

Cheers

Canon

the wine guy wrote: »

Hi Canonfan,

Best of luck with the new venture, I actually owned an internet cafe before - tough business- but good margins on printing, faxes etc if you get the turnover.

With regards to your question I would advise registering as a sole trader in the first instance, the CRO regulations are a lot less than for a Ltd company and the accountancy costs are also less. You can always convert to a Ltd. company when you get bigger.

Main advantage of a Ltd co is protection from creditors, you should not have many and in any case personal guarantees are practicaly a certinty in the current climate,

Cheers,
TWG
www.startups.ie

tombull82

Yep a Sole Trader can take on FT and PT staff.
You will need to register as an Employer first thought for PAYE/PRSI etc reasons