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Can I own a contract if I open a LTD company?

  • 17-06-2017 12:57am
    #1
    ibstar
    Registered Users, Registered Users 2 Posts: 373 ✭✭


    Will my LTD company own contracts signed under my name?
    I signed a contract under my name with start date in few months to give me time to open a LTD company with a small software company whose servers I'll be renting to do work, and now I'm not sure how this will work.

    Thank you.


Comments

  • #2
    nuac
    Registered Users, Registered Users 2 Posts: 6,769 ✭✭✭nuac


    Mod
    All the best in your new business.
    Get on with what you are good at.
    For legal and accounting issues appoint a solicitor and an accountant on day one
    Many of these professionals will delay billing you until get some cash flow
    Leaving thread open, but no legal advice pls


  • #3
    ganmo
    Registered Users, Registered Users 2 Posts: 7,748 ✭✭✭ganmo


    I would of thought that the company would have to be named in the contract.

    I know there are accountancy companies that specialise in your predicament that have on the shelf companies that they can sell to you, change the directors and away ya go.


  • #4
    Fred Swanson
    Closed Accounts Posts: 21,730 ✭✭✭✭Fred Swanson


    This post has been deleted.


  • #5
    ibstar
    Registered Users, Registered Users 2 Posts: 373 ✭✭ibstar


    Fred Swanson wrote: »
    This post has been deleted.

    I gave up looking for info from revenue,always end up in a circle or get sent to their website where I still can't find anything. I'm meeting an accountant next week for 4th time,just wanted to find out here 1st.

    thanks all.


  • #6
    Victor
    Registered Users, Registered Users 2 Posts: 78,579 ✭✭✭✭Victor


    Salomon v. A Salomon & Co Ltd - the directors and/or shareholders of a company are not the same party as the company.

    There is the matter of preliminary expenses: https://www.google.ie/search?q=company+preliminary+expenses&rlz=1C1CHBF_enIE704IE704&oq=company+preliminary+&aqs=chrome.2.0j69i57j0l4.5132j0j7&sourceid=chrome&ie=UTF-8
    ganmo wrote: »
    I would of thought that the company would have to be named in the contract.
    Not all contracts involve companies. They can involve individuals / sole traders, partnerships, state agencies, etc.


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  • #7
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    You signed a contract not the company.

    A Company is a seperate legal entity so you would need to assign the contract.

    Most contracts can be simply transferred.


  • #8
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,581 Mod ✭✭✭✭Robbo


    Victor wrote: »
    Samson v. Samson - the directors and/or shareholders of a company are not the same party as the company.
    Salomon v. A Salomon & Co Ltd, surely.


  • #9
    Victor
    Registered Users, Registered Users 2 Posts: 78,579 ✭✭✭✭Victor


    Robbo wrote: »
    Salomon v. A Salomon & Co Ltd, surely.
    I was wondering why I couldn't find it on Google. :)


  • #10
    GM228
    Registered Users, Registered Users 2 Posts: 8,922 ✭✭✭GM228


    Victor wrote: »
    Salomon v. A Salomon & Co Ltd - the directors and/or shareholders of a company are not the same party as the company.

    There are statutory and common law exceptions to this. For example if it was believed the company was set up to avoid the legal responsibilities of the initial contract then the corporate veil may be lifted.

    Also I wonder can the single economic entity exception apply to a director/shareholder and the company in certain circumstances if it is considered the original contract was with the director/shareholder in their name as a seperate business in itself - i.e can a director/shareholders personal business in their own name be considered part of a group of enterprises with the main business?


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