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URGENT Help wated in starting 2nd business

  • 10-03-2010 8:47pm
    #1
    123donalo
    Registered Users, Registered Users 2 Posts: 82 ✭✭


    I am in the process of setting up a second business which could tie in with what I already do but I want to keep in seperate. What are the tax implications and what is the best way for me to set this up so as to maximise profits?
    The only reason I am setting it up as my current business is quiet and need to try and keep busy with a low cost start up second business.
    Should I add the 2 together or not or does it even matter? I am currently a sole trader and would like to keep new business the same.
    Help greatly appreciated urgently. If any one specialises in this maybe I could ring them to explain what I mean.


Comments

  • #2
    seco
    Registered Users, Registered Users 2 Posts: 81 ✭✭seco


    Hi,
    pm your details to me. Whatever you need to know is better dealt with over a phonecall simply because to answer your question could involve typing for a long time, There are probably some matters that require clarification from both sides during the conversation so more efficient again to deal by phone.


  • #3
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    As a sole trader it doesn't matter too much, id suggest. However for accountancy purposes get a second bank account to keep track of which business is making the most profit.


  • #4
    Sonnenblumen
    Registered Users, Registered Users 2 Posts: 5,834 ✭✭✭Sonnenblumen


    Really depends on what level of business may be involved, ie lots of invoices/transactions/debtors/creditors etc. Why double your administration, for tax purposes, simply consolidate the accounts and obviously you will require separate stationery etc


  • #5
    loloray
    Registered Users, Registered Users 2 Posts: 149 ✭✭loloray


    seco wrote: »
    Hi,
    pm your details to me. Whatever you need to know is better dealt with over a phonecall simply because to answer your question could involve typing for a long time, There are probably some matters that require clarification from both sides during the conversation so more efficient again to deal by phone.
    :( Isn't the whole point of Boards.ie to answer here, so the rest of us can learn from the public threads?

    To OP: Is it possible for you to be called 'Registered Name trading as X and Y'?


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