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A quick query for those of you with multiple businesses.

  • 30-07-2021 7:40pm
    #1
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,239 Mod ✭✭✭✭


    A quick query for those of you with multiple businesses.

    • Is your structured with one limited company with multiple trading names registered with CRO?
    • Do you have one business account for all trading names or separate accounts for each trading name?
    • Does your accountant file everything under the limited company for each separate trading name (and does the latter cost more)?

    Thanks!



Comments

  • #2
    Darc19
    Registered Users, Registered Users 2 Posts: 3,817 ✭✭✭Darc19


    It depends on the difference and the turnover.

    I used to have multiple shops and they did not all trade under the same name. Stock would be transferred from one to the other, staff in one could do cover in another for holidays, so we would have had just one set of accounts, but we would have had sub headings to separate the different locations for turnover, staff costs and rent more so that we'd be able to see performance at a glance of different locations.

    In projections, we'd do quarterly and annual projections per location.

    We also had a different business within the company that was specialist and sold primarily to business users. For this we created a different set of accounts and apportioned associated head office costs - eg 50% head office rent as showroom & warehouse for this part was there.

    In terms of turnover, it was circa €5m for the whole group, 4 trading names, but just 2 bank accounts (a separate one for the specialist b2b business) and there was a full time accountant and independent auditors. But always just one ltd company. You are duplicating costs if there are multiple companies

    Currently I have a smaller business (and more profitable 😀 - size isn't everything) It has 2 distinct areas and two different trading names and further departments within those areas, but a lot of cross over, so it simply is not worth separating the expenses and I simply use my experience to know how different parts are performing.


    But its really what suits you. If there's a chance that one part may not perform well in the future, it would be better to keep it separate as you may wish to close it. Or if one part has the potential to be taken over by a competitor and you would like to sell it, a separate company would be of benefit in that scenario too.



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