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Pros cons of being FT Employed and sole trader

  • 06-11-2013 3:19pm
    #1
    Nameloc
    Registered Users, Registered Users 2 Posts: 37 ✭


    Hi, I have been employed PAYE for the past few years and I have an idea I fancy taking a punt at. It's a website/app business but to have a .ie domain, I need to declare as sole trader/ltd company.

    I know the creditor implications between the 2, but if I were to go as a sole trader, would I need to inform current employers, or would they be told by revenue?

    Is it just easier to go ltd company and not take any earnings/dividends whilst the whole thing builds up if it even does?


Comments

  • #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    Check out discretionary domain names, it's not always necessary to register a business name or a company to get a .ie.


  • #3
    Corkbah
    Registered Users, Registered Users 2 Posts: 1,668 ✭✭✭Corkbah


    Nameloc wrote: »
    Hi, I have been employed PAYE for the past few years and I have an idea I fancy taking a punt at. It's a website/app business but to have a .ie domain, I need to declare as sole trader/ltd company.

    I know the creditor implications between the 2, but if I were to go as a sole trader, would I need to inform current employers, or would they be told by revenue?

    Is it just easier to go ltd company and not take any earnings/dividends whilst the whole thing builds up if it even does?

    are you sure about this …. you can register a discretionary name (website) …. if you intend using it as a business later …then no problem - but until you start trading you can and should register the website name before its gone.

    if you really wanted to you can register a business name (you do not need to trade to register a business name) with the CRO (company registrations office) …www.cro.ie

    after you register the business name you will be able to complete the registration process for the .ie website.


  • #4
    Graham
    Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    As you're not going to be starting your business immediately, I would suggest it is currently a project / personal blog / hobby / informational site all of which are eligible for a discretionary domain name. I've never had a problem registering a .ie under any of those categories.

    https://www.iedr.ie/discretionary-name-clarification/


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