Business Registration

Drexl Spivey

Hi,

Is it possible to register a business and have a regular job with an employer at the same time?

example: work for Compaq as an IT technician while opening a business on the side as an IT Consultant.

If it is legal to do so, what type of business should then be registered? (sole trader or limited?)



Thanks,

MrMatisse

Pretty sure its legal

Less hassle if you go with sole trader

Drexl Spivey

MrMatisse wrote: »

Pretty sure its legal

Less hassle if you go with sole trader

Why is it less hassle?

Do you need a company name if you are a sole trader?

MrMatisse

You need a business name if you are not trading under your own name if your a sole trader. If you have a company you have to have directors and hold board meetings and there are loads more regulations.

Drexl Spivey

MrMatisse wrote: »

You need a business name if you are not trading under your own name if your a sole trader. If you have a company you have to have directors and hold board meetings and there are loads more regulations.

I don't understand why they want directors (plural) for a company of 1 person ..

Thanks MrMatisse, I think you are correct, Sole Trader seems to be the answer.

MrMatisse

No problem. Im pretty sure the minimum is 2 directors for a ltd company but there is just so much more paperwork than being a sole trader. Sole Trader you just register for tax with the revenue, bash off a tax return at year end and register a business name with the cro (easy) if your not going to trade under your own name.

Maybe someone else on here can confirm about the company thing.

Best of luck with your venture. I would encourage you to give it a go as would most people on here.

Drexl Spivey

I registered a company name at core.ie and will send the fee to them.

Next step will be to fill in the TR1 form at: http://www.revenue.ie/en/business/running/registering-tax.html

I just need to fill-in A1 and A3 sections right?
Will I be given a VAT number?

MrMatisse

Nah you apply for a Vat number separatly

mneylon

Check your employment contract.
Some companies will not allow you to work for another company / business while you work for them

Drexl Spivey

If I was to register a sole trader business. How would my current company know about it?

rolion

how BIG do you reckon the local IT market is, so that you can go small and unseen by others !??
also,how do you intend in supplying your IT services while working fulltime for HP ?
good luck !

mneylon

Drexl Spivey wrote: »

If I was to register a sole trader business. How would my current company know about it?

They probably wouldn't know about it unless someone told them

But if you were precluded from doing it as part of your contract and you did not disclose it to them then you could be putting your main source of income at risk

Ultimately it's your call