Need advice on Company Registration pls

emmarich

Hi
Dunno if this is the proper forum or not, but need advice on Company Registration.
We're a community based group but occasionally do performances for a fee and it's been suggested we become a Ltd Company and register with the CRO but confused by it all.
Members pay a nominal fee to be part of the group and throughout the year we'll probably be paid approximately €4K for performances in total which is put back into the group for costumes, running costs etc. One small nominal salary is drawn from these fees too.

Can anyone advise me please on whether we should register, if so why and what's involved.
I'm not being lazy about this, have been on the cro website and phoned them but the person who I spoke with had less knowledge than me!
TIA

DoMyBooks

You should be careful at this point if you register a limited company with the CRO there is a number of annual obligations and you will end up with an accountancy bill of at least €1K.

It might be worth speaking to a local accountant (First consultation is normally free) and discuss your options with them.

emmarich

wow really! Thanks!

emmarich

Sorry another question - if we were to open a bank account in the groups name what would be required?
TIA

EamonOSullivan

OP if you set up a limited company you will either have to have shareholders ( who will own the company ) or have a company with no shareholdings.

If its the former you have the problem that the shareholders actually own the company, and getting them to ''move on'' when you want them to leave as a shareholder. You will also have to prepare formal accounts, have at least 2 directors, file accounts with the tax authorities ( Revenue ) and Companies Office. Final bill for this will probably run from 500 to 1,000 each year.

If you have a company with no shares you are stuck with an audit each year, which will cost you anything from 1,000 to 2,500 each year. You also have to have directors, file accounts in the Companies Office and with the Revenue.

If you just have a registered business name, and run the entity at breakeven, and the person who takes out a 'salary' needs to declare it on their tax return, and you can do all that at minimum cost. This last option is the sensible route. The country is full of organisations that would love to start over again, and ditch the limited company they have saddled themselves with.

emmarich

thanks a million for that advice EOS