Implications of dissolving a ltd company 2 weeks after setup

Hi All,I set up a ltd company a few weeks ago,but I think I have done it too soon and should have gotten more advice. Does anyone know what are the implications of moving to sole trader status, and what penalties I might face for reverting so soon after actually setting up?

You will just have the wasted cost of set-up and dissolving.

It is possible to keep company set up but not trade from it - You would still have to file annual returns etc.

You wont have any penalties as such - if you have not got this sorted within six months you will have to complete your first B1 - you will just have the hassle and costs of dissolving it. Also, you will have to obtain the usual - Revenue Clearance Letter(you may have to explain that you do not wish to tax register/or deregister if already registered), place newspaper ad, etc.

Did you form it yourself, or through a formation agent. If through a formation agent, they may "buy it back" which will mean they will have to change directors, change registered address, possibly change main objects, change shareholders. I've seen it happen this way sometimes.

Ok thanks everyone, I thought there was some sort of liquidation penalty and therefore bad rep resulting.
I set it up through a formations office so thats great advice. Appreciate it.

You might find some useful info on www.cro.ie and/or www.basis.ie.

It would be much easier if the agent would buy it back- even at half of what you paid. Some may do this, some wont, depending on the agent.

If its a very basic company, they may only have to make minior amendments to have this company used by somebody else. If it is very specific, then there may be too much alterations to make it worth their while to sell it on.

If you go the route of having to dissolve it, then you will be faced with placing a newspaper ad, which from my last recollection, costs about €200.

Good Luck!