Business Set up, please help.

M

Michaeld

Registered User
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Hi guys and gals,
I know this subject has come up before but i still seem to be missin bits of it or dont have the full story. So will someone please give me the rundown on what exactly i have to do to form a limited company.

The story is me ( site engineer ) and a friend of mine ( carpenter ) are ready to form a limited company in order to start development on a small amount of proprty development, we will hopefully start with one house and then venture on two after that.

We have spoke at length about it and have time is running short so its time to take the plunge, only thing slowing us down i slack of experience in these matters so need some one to point us in the right direction.

Many many thanks in advance,

Mike
 
you will need an accountant in any case, so why not go to accountant now to set up company?

it is relatively straightforward to someone familiar with the procedure.
 
everything can be done DOY style, but I am afirm believer that if you cannot afford the labourer, then you cannot afford the job.

I know that to build a house, you simply dig a foundation, fill it with concrete and then put blocks one on top of the other till you get to roof level, then put on the timbers, felt and slates.

however, if I were to do it DIY , I am sure that the structure would not be the safest.

Yo ucan set up company or buy one already set up. The second is the easiest. however, there are certain legal formalities that must be carried out at the correct times of the year. if you are quite sure that you will be able to do all this, then work away.

My point earlier is that you will need an accountant anyway to do your books and if so, it's no great additional expense to have him/her set up the company and deal with the formailties.

Of course, you can always do the accounting DIY as well.
 
Well i am meeting someone about this wednesday and want the required forms and procedures straight in my own head, i have spent a good bit of time on cro.ie and i seemed to be going around in circles, i just want someone to tell me what forms i require to register the name/ form a company or what order it is to go in. there will be no trading done until march/april 07.
 
The more important question you should be asking is: "Should we set up a company?" Check some of the posts on this subject on Askaboutmoney and you will save yourself a lot of form filling

Brendan
 
I think you need a good chat with an accountant sooner than later.
he/she can discuss all the legan entities that may work for you, can set up the company if thats what is decided at the end etc.
now is the time to go not later.
 
Be careful about buying property in the companys name. People with more knowledge than me will be able to explain
 
I'd also go along with the suggestion of using a formation agent to set up the limited company. I also tried to set up my own company DIY style and it was more hassle than it was worth. Although the CRO do provide you with the A1 form to set up a company, you also need documents called memorandum & articles of association, which i found were a complete nightmare to get, and also fill out. I ended up using www.companysetup.ie and they did everything for me in about 6 or 7 days and it cost me around €300. Value for money i'd say. Worth looking into.
 
Hi Michaeld

You need the following to set up a company:

Form A1 - Remember you need two Directors and at least one must be Irish otherwise you have to pay a bond.

A Memorandum and Articles of Association - these are basically the rules of the company.

These will bee to be filed with the CRO.

Once you have the company incoroporated you then have annual compliance ibligations that must be met.

If you need anything else feel free to ask.

Regards

Larbin
 
The mechanics of setting up a limited company should be the least of your worries at this stage. At the very least, you urgently need to investigate whether forming a limited company is the best option for this proposed venture. You urgently need also to address a range of other tax issues that may affect your venture. If these backfire on you, they can backfire spectacularly. Now is the time to ensure they don't.
 
Having set up my own company last year I can recommend that the best thing to do is spend a little bit of money now getting the best advice you can afford, and once you find someone good to ask the questions of, don't be afraid of looknig stupid! Ask them absolutely everything you want to know - get your money's worth! First, I went to a solicitor and told him I was thinkign of starting a business, and he set up the company (ltd.) for me, including the memo and arts and the A1 and everything else I needed. He was able to give me advice on things I didn't even think to ask questions about at the time, like trademarks etc.. He/she will also advise on the best type of company for you. If you have a partner it's also a good idea to draw up a partnership agreement, which addresses how the company might be dissolved should one partner want out or if one partner dies -etc. Separately, an accountant will give you advice about your tax obligations, as well as help you prepare your projections etc. If you need to go to a bank or somewhere else for a loan to start your business, they'll look for a business plan, which you can do yourself, with financial projections of at least 3 years. She also advised us of how to pay VAT, how to set up our employees salaries etc and pretty much everything else. My opinion is that if you don't know a lot about setting up a company it might be best to buy sound advice now to save any nasty surprises later! Build the fees into your projections and in the scheme of things, it won't seem that much. Also, try your local Enterprise Board which is aimed at this type of thing and offers good advice. Hope that helps a bit.
 
I think if you open up a business account with Bank of Ireland they'll give you a free hour with an accountant. I'd say all the banks offer similar incentives.
 
The reason we want to set up a limited company is limited liability purposes.,

If we use someone like www.companysetup.ie, will they be able to advise us on tax implicatiosn etc.?,

Thanks for everyone comments, I dont know enough about it and the only way il learn is to ask "silly questions"
 
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