Sole trader or Partnership

S

Snoop

Guest
Myself and my wife are setting up a company and have a number of questions.

-Can we set up as a soletrader registered under two names, or must it be a partnership? we will be registering a business name and we do not want to be a limited company.

-We are currently looking for a premises but want to go ahead and set up the company - do we need to have a business premises to set up the company or can we use our home address as the main contact adress?

-We plan on expanding within 2 years to another town - Can we just go ahead and set up in a second premises trading under the same name?

Thanks!
 
Hi Snoop

If it is both you and your wife setting up a business you will have to register as a partnership. The reason being is that as a sole trader, only one of you can register the business. As a partnership, you can both put your names down as the owner of the business. A sole trader and partnership are pretty much the same thing except a sole trader is registered by one person, a partnership is registered by two or more people.

You do not need to have a premises to register as a partnership. Your home address will suffice, but when the time comes that you do have a separate premises, you will then need to change the address with the Companies Registration Office, so they can issue you with a new certificate to display in your new premises.

In relation to registering the same business name twice, yes thats no problem, but you will need to register it again showing a different address. The reason being, is that when you register as a partnership / sole trader, the companies registration office will send you out a Registration of Business Name certificate. This certificate must be displayed on your premises and will have the name of the business and the address of the business on it. Therefore if you have two businesses at two separate addresses you will need to register twice with CRO.
 
OK - I'm sending on the registration for partnership to the CRO.
Whats the next step?
In my mind we need to get a premises now register for VAT and then we are good to start trading.
Can you tell me if I need public liability insurance before securing premises? and if so what do I need to get this and where is the best place to start looking?
 
Snoop...

It seems like you are really innocent..

Just buy a book on Starting Your Own Business in any bookshop.

You will make serious mistakes if you don't set up with the right structure..

Any Accountant worth his salt will give you a "Free Consultation" when you are starting out...

It may be that Sole TRader/Partnership?limited Company suits you best..

Proceed with caution...

Buy the Book..read it and take action...

Talk to an Accountant...

If you need any further help send me a private message
 
ATracey said:
Any Accountant worth his salt will give you a "Free Consultation" when you are starting out...
Click to expand...

Very few accountants (or other professionals) nowadays operate on a "first consultation free" basis. That said, all your other points are spot on.
 
I have gone through feasibility studies, have capital backing, grant aid and a secured busines plan.
I know and am happy that we do not need to be limited.
I have also read books and done my research on same but now that I am actually actioning the steps I want to be sure not to miss out on anything so just threw this post out there.
An accountant gave me advise to set up as a sole trader and today I find that is not possible for 2 people that it has to be a partnership.
We need to have the business up and operating for before september so there is a lot of staffing, marketing etc... to be done prior to opening.
Thanks for your feedback!
 
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