new business start-up

S

safety1st.co

Registered User
Messages
24
How easy is it to just register as a business? I'm not sure of the difference between a sole trader or a Ltd company and which would be best. Should I just go to a Soliciator or one of the companys who specialise in start ups?
 
It is very simple to start up a business.

Unless you have very little time on your hands and have more money than sense I would do it yourself. If you are looking for advice I would go to an accountant.

As for whether a sole trade is better than a limited company it depends on what your business is going to do and the level of trade that you are hoping for.

Have a look on the cro website and other posts in the forum to help you make up your mind. Also, have a look at the cro and revenue website to see just how straight forward it is to set up a business.

Best of luck.
 
safety1st.co said:
How easy is it to just register as a business? I'm not sure of the difference between a sole trader or a Ltd company and which would be best. Should I just go to a Soliciator or one of the companys who specialise in start ups?
Click to expand...

What I find terrifying about this is the naivety of trying to set up in business , in recessionary times, with so little knowledge of basic commerce!

I second the idea of going to see an Accountant to work through the pro's and con's of a startup and the legal entity behind it. A one hour consultation could save the OP a great deal of money in the long run!

mf
 
It's really quite cheap to use a company formation agent these days. The lowest price I know of is €206 plus VAT.

Below is a link to a basic guidance sheet listing the pros and cons of using a limited company over a sole trade. Due to extra costs and bureaucracy involved with a limited company, you should be sure that you will benefit from the advantages offered by a limited company before going down that route. There are some significant advantages of using a limited company but they are not relevant to everybody. And remember, you can always start as a sole trader and later become a limited company very easily. It is a good deal more costly and time consuming trying to do it the other way around.

[broken link removed]

And in the interests of disclosure, the above link is to my own website. But this is such a common question that we get asked that we felt it was a good idea to outline some of the basic issues for individuals to consider.

Also, a lot of accountants will offer a free initial consultation, so it might be worth making an appointment with one and running through some of your questions.
 
would you consider a start your own business course from your local enterprise board? They cover this kind of thing.
 
mf1 said:
What I find terrifying about this is the naivety of trying to set up in business , in recessionary times, with so little knowledge of basic commerce!

I second the idea of going to see an Accountant to work through the pro's and con's of a startup and the legal entity behind it. A one hour consultation could save the OP a great deal of money in the long run!

mf
Click to expand...

Wow. You find something like that "terrifying". I find people with your attitude terrifying. A lot of people have no choice but to try and make a go of it for themselves. There is very little jobs out there. And it is not naive to come on to an Askaboutbusiness forum to ask about business.

Fair play to the OP for making a go of it. If I ever get let go I will be doing exactly the same thing even though :eek: i don't know how to set up a company YET myself.
 
thanks for all the advice... i like the idea of the business course and the consultation with the accountant (if it's free). in relation to mf1 thread... every1's entilted to their opinion so thanks for the post. i have had an idea for some time and the start up is the 1st step. i have not been let go from work so it is not a last chance saloon effort.
 
safety1st.co said:
thanks for all the advice... i like the idea of the business course and the consultation with the accountant (if it's free). in relation to mf1 thread... every1's entilted to their opinion so thanks for the post. i have had an idea for some time and the start up is the 1st step. i have not been let go from work so it is not a last chance saloon effort.
Click to expand...

You could do a lot worse than spending a few hours reading the key posts in this section.
 
I recently registered my interior business and it was easy, but my expected turnover is low so I was able to set up as a sole trader. I'm working on getting my own website now, with needawebsite.ie so I should be all set up in just weeks
 
Hello, I also registered a Business Name and am in the Process of putting my website out there - I've been working on the idea for over a year - how long do I have to register as a Sole Trader? I've had expenses over the year but very little income as such - all Sales have been for Demo purposes.

I would like to register my TR1 but wonderig if I can do so and date Startup back to April 2008?

Thanks
 
Hi Babycakes, you can backdate your TR1 application. Will you just be backdating an income tax registration? There's no problems there as your 2008 income tax return isn't due until 31 October this year.

If you're backdating a VAT registration too though, that's another matter.
 
Thanks Fenero - Just Tax Registration, wont be registering for VAT as I will be too small.

With regards this, when giving customers Invoices, do I have to split invoice between price & VAT even though I wont be reclaiming VAT?

Thanks again
 
No problem Babycakes. If you are not VAT registered, you only show one amount on your sales invoices. If you were VAT registered, you would add the relevant VAT amount onto this and show it separately. But as you are not VAT registered, there is no VAT to add so you just show the one amount.
 
You must log in or register to reply here.
Back
Top