Setting u

Kilgore__Trout

Hi,

I’m hoping someone might be able to share their experiences on setting up a game development company in Ireland. Specifically, I’m interested on information that will help me decide whether to set up as a sole trader or limited company.

I’ve attended a number of business preparation courses, so I know the basics, but I’d really like information from someone who has gone through the process. I’m developing for Windows, with plans to port to Mac and Linux later. I don’t expect the game will be a massive hit, but would hope to earn a little from it.

I’ve included a list of pro/cons (as I see them) for each as a starting point. Any help would be greatly appreciated!

Sole Trader

Pro:
- Easy and inexpensive to set up
- Lower accounting fees

Con:
- Personally liable for company debts
- Possible issue with using a trading name with digital distributors



Limited Company


Pro:
- In most cases, not liable for company debt
- More tax efficient if earning more than (30,000 I think)


Con:
- More expensive to set up
- More complex tax structure (PAYE, PRSI)

Doodee

Kilgore__Trout wrote: »

Hi,

I’m hoping someone might be able to share their experiences on setting up a game development company in Ireland. Specifically, I’m interested on information that will help me decide whether to set up as a sole trader or limited company.

I’ve attended a number of business preparation courses, so I know the basics, but I’d really like information from someone who has gone through the process. I’m developing for Windows, with plans to port to Mac and Linux later. I don’t expect the game will be a massive hit, but would hope to earn a little from it.

I’ve included a list of pro/cons (as I see them) for each as a starting point. Any help would be greatly appreciated!

Sole Trader

Pro:
- Easy and inexpensive to set up
- Lower accounting fees

Con:
- Personally liable for company debts
- Possible issue with using a trading name with digital distributors



Limited Company


Pro:
- In most cases, not liable for company debt
- More tax efficient if earning more than (30,000 I think)


Con:
- More expensive to set up
- More complex tax structure (PAYE, PRSI)

Limited Liability.
The benefits of not being legally liable for company debt are worth it.
It also makes it easier should you seek investment further down the road.
And you can tie the IP to the company, rather than yourself.

Question. Are you planning on seeking investment?
Also, have you written a business plan?

Kilgore__Trout

Hi,

No, I won't be seeking investment. I wrote a business plan some months ago, but it requires a significant amount of editing.

Any idea on a ballpark for setting up and accounting costs for a year? I've seen set up costs from 200 & up.

witnessmenow

Kilgore__Trout wrote: »

Hi,

I’m hoping someone might be able to share their experiences on setting up a game development company in Ireland. Specifically, I’m interested on information that will help me decide whether to set up as a sole trader or limited company.

I’ve attended a number of business preparation courses, so I know the basics, but I’d really like information from someone who has gone through the process. I’m developing for Windows, with plans to port to Mac and Linux later. I don’t expect the game will be a massive hit, but would hope to earn a little from it.

I’ve included a list of pro/cons (as I see them) for each as a starting point. Any help would be greatly appreciated!

Sole Trader

Pro:
- Easy and inexpensive to set up
- Lower accounting fees

Con:
- Personally liable for company debts
- Possible issue with using a trading name with digital distributors



Limited Company


Pro:
- In most cases, not liable for company debt
- More tax efficient if earning more than (30,000 I think)


Con:
- More expensive to set up
- More complex tax structure (PAYE, PRSI)

I would try reach out to current game companies to ask advice. Some will not want to help a potential competitor, but I'm sure some could give you really good advice.

satchmo

There is some good relevant information over here: http://www.gamedevelopers.ie/forums/viewtopic.php?t=7067