2 people starting a website

PeakOutput

hi

myself and a friend are starting up a website and its already in teh process of being built.

i already have a sole trader registered business name but we are going to set up a second one for this

can we put two names down as a sole trader? is it called something else but has all the same rights and responsibilities?

is it the same process as when i registered the business name for myself?

TheCostumeShop.ie: Ronan

Its called a partnership where more than one person is involved. Yes to register a business name is basically the same, 20 quid on cro.ie

Clanket

You are a partnership, not a sole trader. Is very similar to a sole trader.

dbran

Hi

You can set up a business name in the name of a partnership.

All the members of a partnership are jointly and seperately liable for all the debts of the partnership. Thus not only are you liable for all your own debts but also the debts of the other partner.

For this reason, as partnerships can be very dangerous not to mention messy, you are better off forming a limited company.

Kind Regards

dbran

Necrodermis

You sure can register two people together as a 'sole trader', but in this case it is called a partnership, with all of the same rights and responsibilities.

The process is exactly the same as when you registered yourself on www.cro.ie , just in the partnership section.


One word of advise: Draft up and sign a contract between you and your partner, detailing such things as how profits will be split, what happens when one person wants to quit the company, etc. If you can afford it later down the line get a solicitor to help you!


Do you mind me asking what type of website you are making? Best of luck with whatever it is!


Edit: It looks like I am a little slow off the mark when it comes to replying!

PeakOutput

great and how much more of an effort is it to set up a limited liability?

DoMyBooks

Its realatively easy to set up a limited company. Companies will do it online for €199. They can be costly to maintain. There not a DIY job like partnership accounts.

wishful thinker

DoMyBooks wrote: »

Its realatively easy to set up a limited company. Companies will do it online for €199. They can be costly to maintain. There not a DIY job like partnership accounts.

you should consult with your trusted advisors on this.....as you can tell them all the facts of the business and they can provide the best solution with your "needs" & "wants" reflected.

While people are posting advice here, your time and money would be better spent on getting a range of tailored solutions where you can choose from, rather than ....."do this, don't do that"............as posters won't know all the facts....no disrespect to anyone here

if you are looking for advice....pm me...