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Sole Trader or Company?

  • 16-06-2011 6:19pm
    #1
    kevvhayes
    Registered Users, Registered Users 2 Posts: 101 ✭✭


    Hi all.
    I'm in the process of setting up a business. (Retail Shop). Am i better off setting myself up as a sole trader or setting up as a company? If i set up as a sole trader is it possible at a later date to change to a company? Any advice would be greatly appreciated. Thanks.


Comments

  • #2
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    kevvhayes wrote: »
    Hi all.
    I'm in the process of setting up a business. (Retail Shop). Am i better off setting myself up as a sole trader or setting up as a company? If i set up as a sole trader is it possible at a later date to change to a company? Any advice would be greatly appreciated. Thanks.
    Given its retail I would generally advise a company. Retail is experiencing difficult times as im sure you know. Better to have that limited liability just in case imo. The bank will prob require a personal guarantee anyway though.

    Better to get it right as changing from one to the other is a bit of hassle (not major but does take time and knowledge). In our accountancy firm we regularly see changeovers. Decide what you want first. Read past posts and advices. The topic has been covered loads


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