Two sole traders under one business name

lazyman

Hi all,

I hope this is in the correct forum

Im just looking for a bit of advice please,
Is it possible for 2 people to set up as sole traders separately but to operate under 1 business name?

Ok my example is for two consultants John and Mary to be sole traders but to advertise then as J and M consultants
John would earn his income from the business he does and Mary the same???

Forgive me if I am making no sense but just a bit confused and need help as to what the best business model is for this scenario

Thanks for any help you can give me.

Mr. Incognito

Business Names are not regulated.

You can each register the same business name and the CRO wont give a toss

It's up to you to enforce your rights through the courts when it comes to business names.

Thus if you both are trading as sole traders using the same business name in co-operation there should be no issue.

relax carry on

Mr. Incognito wrote: »

Business Names are not regulated.

You can each register the same business name and the CRO wont give a toss

It's up to you to enforce your rights through the courts when it comes to business names.

Thus if you both are trading as sole traders using the same business name in co-operation there should be no issue.

Wouldn't that be classified as a partnership anyway, with all the associated tax imimplications?

dogsears

relax carry on wrote: »

Wouldn't that be classified as a partnership anyway, with all the associated tax imimplications?

Partners in a partnership are taxed as if they were sole traders anyway.

Marcusm

lazyman wrote: »

Hi all,

I hope this is in the correct forum

Im just looking for a bit of advice please,
Is it possible for 2 people to set up as sole traders separately but to operate under 1 business name?

Ok my example is for two consultants John and Mary to be sole traders but to advertise then as J and M consultants
John would earn his income from the business he does and Mary the same???

Forgive me if I am making no sense but just a bit confused and need help as to what the best business model is for this scenario

Thanks for any help you can give me.

If you hold yourselves out as J & M Consultants you run the risk that you will be regarded as a partnership. From an income tax perspective, your separation of the profits will generally be respected which would mean that there is no problem. However, you run the risk that you become liable for business debts run up by the other person unless all clients and suppliers are aware that you are not carrying on business in partnership (as might be inferred from the conjoined business presentation).

lazyman

Thanks for the responses and advice