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Setting up a 2nd Company

  • 02-11-2011 1:42pm
    #1
    spadesaspade
    Registered Users, Registered Users 2 Posts: 217 ✭✭


    Hi Guys.

    I have a quiery i need looking into. I already have a limited company which is going pretty slow lately, just ticking over and i want to set up another small idea i have.
    I will be selling a service and operating the service from home so little overheads. I think it will work and might be able to get one or two people of the dole, even if it is just 3days per week.

    The issue i have is that i dont want all the extra end of year accounts or to pay for two sets of accounts. By the way i already had a extra company trading under the limited name which never took off.

    I am just worried that if it flops quickly i will be stuck with extra accounts.

    Am i right in saying i can only have one business trading under original.

    Any help appreciated for cheapest way to get this going!!!

    Thanks in advance

    Spades


Comments

  • #2
    DublinWriter
    Registered Users, Registered Users 2 Posts: 9,560 ✭✭✭DublinWriter


    Hi Spades,

    Best option might be to register a Business/Trading Name (about €20) and operate it under your Ltd. company.

    Agreed, it would be a complete waste operating two Ltd. companies in your situation.

    You will also need to amend the Memoranum and Articles of Association of your original Ltd. company if your new venture is doing something completely different. If you don't do this you could be held liable for your Ltd. company trading ultra-vires.


  • #3
    spadesaspade
    Registered Users, Registered Users 2 Posts: 217 ✭✭spadesaspade


    thanks for reply,

    I already have a business trading under the limited company, but that did not work out. Can i set another or as many companies trading under the original limited co?


  • #4
    DublinWriter
    Registered Users, Registered Users 2 Posts: 9,560 ✭✭✭DublinWriter


    You can register as many different trading/business names under your original Ltd. company.

    As I said, if the business activities of the new venture aren't the same as the original Ltd. company then you'll have to change the Memo and Art. of Association of the Ltd. company.


  • #5
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    I believe the concept of Ultra Vires is now gone for limited companies. Most memos and articles are now so woolly you could pretty much do what you like.


  • #6
    spadesaspade
    Registered Users, Registered Users 2 Posts: 217 ✭✭spadesaspade


    Thanks very much for your help, i will try to go down this route. Hopefully will get something going

    Cheers


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