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Transfer Assets from One Company to Another New Company

  • 28-11-2018 7:25pm
    #1
    businessdit
    Registered Users, Registered Users 2 Posts: 173 ✭✭


    I have a company that has about €30,000 worth of equipment in it.
    These capital assets were bought from trading profits in the company.
    They are only 1.5 years old - so still depreciating.

    Is there a way that we can establish a new company and transfer the assets from the existing company into another? What will the tex liability (if any) be on this?

    There are various reasons why we want to close the existing company.
    Valid reasons as far as we are concerned. Won't impact anyone - we have no debts.

    I plan on meeting my accountant about this - but thought I would ask the question here first to see if any one has done this before.

    Thank You!


Comments

  • #2
    dogsears
    Registered Users, Registered Users 2 Posts: 535 ✭✭✭dogsears


    Yes you can. The new company does not have to pay the old company if it pays by issuing shares to you. Its known as a company reconstruction. No tax should arise. However to get the detailed advice you need you might need a tax advisor unless your accountant is well versed in tax.


  • #3
    businessdit
    Registered Users, Registered Users 2 Posts: 173 ✭✭businessdit


    dogsears wrote: »
    Yes you can. The new company does not have to pay the old company if it pays by issuing shares to you. Its known as a company reconstruction. No tax should arise. However to get the detailed advice you need you might need a tax advisor unless your accountant is well versed in tax.

    Ok thanks Dogsears.

    So this would still work in the case of closing down and liquidating the original company?

    Not sure I fully understand the idea of the company paying me with shares..? Does that mean that I think have a tax liability to sorts personally..?

    Thanks!


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