New Business - Type of Company & Tax

mollycasey

Hi All

Myself and my partner have decided to set up a small business and I want to find out which is the best type of company to go with - sole trader / partnership or ltd company.

I am working full time and will continue doing so for the foreseeable future so I want to find out if there will be tax implications for me being named as a company director and also an employee.

We are new to this and appreciate all advice.

Thanks

jimmii

There is loads of advice on the Citizens Information site. It covers the different legal structures you can go with.

http://www.citizensinformation.ie/en/employment/types_of_employment/self_employment/setting_up_a_business_in_ireland.html

mollycasey

Thanks Jimmii, I've had a look at the link and I think we are better off going with a sole trader and leaving me off the business for the time being.

Also if anyone can recommend a good accountant in cork let me know.

jimmii

It certainly makes it easier to begin with and unless you are taking on some debt to open up the business then there isn't really a lot of downside as you are unlikely to putting your own assets at risk. My plan is to switch to LTD when we start to take on debt to expand.

mollycasey

Just wondering if I was to register the business in my name and trade as a part time sole trader what implications would it have as I am a PAYE employee full time?