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A few questions on setting up a new business

  • 10-06-2010 2:38pm
    #1
    barry123
    Closed Accounts Posts: 3 ✭


    I registered a business name in Sept 09, but the business has not been operational - no customers, no turnover. I am not in the process of getting the business up and running, and I have a few questions:

    1. As I only registered the business name and I have not registered the company, do I have to make an annual return?
    2. I am going to be working as a sole trader, am I required/should I register the business as a compnay with CRO?
    I am totally new to running a business so be kind :)


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    1) No. You do not have to make an annual return for a business name.
    2) This is a more problematic question. If the business is small then it is quite Ok to continue to trade as a sole trader. A company is more difficult to run and maintain and costs more in administrative fee. You can always incorporate at a later date if you wish.

    Hope this helps

    dbran


  • #3
    barry123
    Closed Accounts Posts: 3 ✭barry123


    Thanks for responding so quickly and for answering my questions :) !!


  • #4
    thecleverone
    Closed Accounts Posts: 337 ✭✭thecleverone


    Just for clarification purposes, in the eyes of CRO

    A Business = Sole Trader / Partnership
    A Company = Limited Company

    So if you have just registered a business name, then it would more than likely be a sole trader you have registered.

    Don't forget to register for tax with revenue as well once you begin trading. You can do this on a TR1 form for sole traders or a TR2 form for limited companies. These can be downloaded from www.revenue.ie


  • #5
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    Questions to ask yourself when deciding on Company vs Soletrader:

    Do you require LTD liability?
    Are you expecting high turnover?
    Will you be employing other people?
    How open are you to being sued?
    Could the running of your operation be harmful to people in any way, worst case scenario?
    Would you target market prefer a ltd company or a Soletrader in this role?
    What is the set up of other people running a similar business?


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