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Setting up Ltd company while still employed

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  • 24-01-2020 1:19pm
    #1
    Dan_
    Registered Users Posts: 51 ✭✭


    HI,

    I am in the process of registering a Ltd company but am currently in full time employment. It will be almost 1 year by the time the company will be in a position to actually launch but would obviously need to have accounts, domain names etc registered while still employed.

    There is no conflict of interest as my current employment and future company are in completely different sectors.

    My question is, while i will not actually be am employee of the new company i will be the director, will this cause any issues with revenue? Funding for the company startup is from my personal savings. If after 1 year the company starts making profits and i am still employed, can this remain the case untill its successful enough to leave my current employment? Keeping all profits within the company?

    Any suggestions or info appreciated!
    Tagged:


Comments

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    #2
    nedkelly123
    Registered Users Posts: 100 ✭✭nedkelly123


    best talk to an accountant .. i think the company will have to make a return to the revenue after a year even if the return is 0
    if you are not an employee then you will have no tax libality from the company


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    #3
    Dan_
    Registered Users Posts: 51 ✭✭Dan_


    Thanks, there is no problem doing a return i suppose as the amount of money going through it would be very small less that 7K during the first year.

    I was just concerned if there is an issue being a director while employed.

    Thanks
    Dan


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    #4
    sugarman20
    Registered Users Posts: 252 ✭✭sugarman20


    Don't think so Dan but as mentioned once you have formed the company you will have returns and CRO filings to do. Best of luck with the business! It's great if you can keep working as long as possible while you are setting up.


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    #5
    MOH
    Registered Users Posts: 6,464 ✭✭✭MOH


    Dan_ wrote: »
    Thanks, there is no problem doing a return i suppose as the amount of money going through it would be very small less that 7K during the first year.

    I was just concerned if there is an issue being a director while employed.

    Thanks
    Dan

    Worth checking the terms of your employment contract as to whether there's any restrictions there


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    #6
    sysprogrammer
    Registered Users Posts: 224 ✭✭sysprogrammer


    Talk to your accountant about being a sole trader or ltd company (if you don't have one you can ask mine).

    Don't check the terms of your employment, I cannot see much point in that.

    I hold an almost full time PRSI job, and director of a LTD company also.

    I pay tax from both enterprises and have done for over 10 years.

    And you are doing the right thing by having a job to fund your start-up.


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