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Pros and cons with registering my company under a company name as opposed to unregistered?

  • 02-11-2024 10:12AM
    #1
    Clear-Water1234
    Registered Users, Registered Users 2 Posts: 5 ✭


    I have a small business. I work at it outside of my 9-5 , It’s more of a passion project.


    At the moment, I simply use my own name on my business cards but I’m thinking of giving the business an official name. If I go this route, I’d probably register it with the CRO.

    Are there any main pros or cons, financially or legally in particular, to going this route or am I better off keeping it simple as I have at the moment.

    I always declare any income that I make (even under the threshold) so that’s not a concern here.

    Any advice welcome!



Comments

  • #2
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 9,172 ✭✭✭Gloomtastic!


    If you register your business name then you can set up a business bank account in the business name and receive payments in the business name. It looks more professional and if you ever want to grow the business and take on additional staff it will help.

    If you are happy to stay the same size then there’s no real advantage to adding a business name.



  • #3
    mjcaccountants
    Registered Users, Registered Users 2 Posts: 10 ✭mjcaccountants


    Accountant here, happy to have a quick chat if you want

    Dm me if needed



  • #4
    Gloomtastic!
    Registered Users, Registered Users 2 Posts: 9,172 ✭✭✭Gloomtastic!


    https://www.boards.ie/discussion/comment/122894693#Comment_122894693

    You do know that you’re not allowed do that.

    If only there was Mod who popped in here occasionally……..🙄



  • #5
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,600 ✭✭✭✭Mrs OBumble


    How does your employer feel about it?

    Mine bans 2nd jobs but has never thought to ban sideline self employment. So I keep my mouth shut, and don't do stuff under my own name.



  • #6
    Mick Tator
    Registered Users, Registered Users 2 Posts: 769 ✭✭✭Mick Tator


    LHave a read of this

    https://www.boards.ie/discussion/comment/96221823#Comment_96221823



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  • #7
    paul71
    Registered Users, Registered Users 2 Posts: 3,388 ✭✭✭paul71


    You need proper advice, even from a cursory reading it is clear you do not know the difference between registering a business name and starting a company.

    In the first instance, registering a business name simply means you have a 2nd name. You would legally be trading as "John Smith T/A JS Services", you and JS Services are the same legal entity.

    In the second you would be John Smith, a director of and in Shareholder in JS Service Limited. John Smith and JS Services Limited are 2 separate legal entities, both must make their own tax returns and JS Services Limited must file annual financial returns to the CRO in the prescribed format.

    They are the basics, but the rules regarding the 2nd option need to be clearly understood and you should get advice on those.



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