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new website: Sole trader or LTD ?

  • 12-02-2011 2:14pm
    #1
    sebas
    Registered Users, Registered Users 2 Posts: 34 ✭


    Hi All

    I will start a new web site and not sure what legal structure I should use. Probably I will do it for my self in the start... but there is also the possibility of associate with some friend.

    I've been advised to do not start a business as LTD because it would cost me at least a couple of thousands a year as I'll have to pay an accountant whereas a sole trader it will cost me under a hundred euros. I've been told also not to worry about higher taxes compared to LTD as when I'll have that problem... it won't be a problem... it will be just good news...


    what do you think about that ?

    thanks


Comments

  • #2
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    Depends what the website does and whether the limited liability is beneficial.


  • #3
    AstonMartin
    Registered Users, Registered Users 2 Posts: 1,313 ✭✭✭AstonMartin


    If you are going to be dealing in large amounts with creditors then is the ltd safeguard worth the extra work. If you are just doing advertising or providing a facility for others to deal directly with eachother then why would you need ltd protection? Talk to a tax advisor, its worth the fee if your serious.


  • #4
    ronaneire
    Registered Users, Registered Users 2 Posts: 1,699 ✭✭✭ronaneire


    Would all depend on what sort of business you intend going into.


  • #5
    AstonMartin
    Registered Users, Registered Users 2 Posts: 1,313 ✭✭✭AstonMartin


    What do you mean? What do you need protection from? No point being so vague, there are very few unique site ideas left and you obviously need specific advice.


  • #6
    sebas
    Registered Users, Registered Users 2 Posts: 34 ✭sebas


    TheCostumeShop.ie: Ronan wrote: »
    Depends what the website does and whether the limited liability is beneficial.

    well... even if it is not completed defined, the revenue will come probably from ads and from users fees... so instead of consulting accountants and other experts just trying to figure out what is the pattern used in IE.


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  • #7
    91011
    Closed Accounts Posts: 1,383 ✭✭✭91011


    AstonMartin wrote: »
    What do you mean? What do you need protection from? No point being so vague, there are very few unique site ideas left and you obviously need specific advice.

    Companies need plenty of protection.

    If the website allows for comments and someone made a defamtory comment, the website could be held responsible, therefore a ltd company si best.

    If the website is sourcing products itself from factories outside the EU, then product liability comes into play and if you don't have product liability insurance, a ltd company is good protection.


    A limited company is not just for tax reasons - it limits the liability of the directors in case anything goes wrong.


  • #8
    AstonMartin
    Registered Users, Registered Users 2 Posts: 1,313 ✭✭✭AstonMartin


    Read my first post above regarding reason to be ltd.

    So you are not actually trading in goods yourself so its like a specilised ebay? In that case it comes down to whether you can get various adequate insurance cover. You need to shell out for advice from tax advisor and insurance broker not a public forum.


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