Plumber setting up business

[Saltdog]

Hi,

I am starting up my own business.
Is it adviseable to go as a sole trader or as a Ltd company ?

Thanks in advance

 

[dublin66]

For limited liability purposes I'd go for a limited company. This means that you are protected if you get sued and that the creditor can't have a go at your assets. Downside is that there is more paperwork - accounts, PAYE, statutory returns etc. I'd suggest talking to an accountant who'll be able to go through it with you.

 

[Branz]

For limited liability purposes I'd go for a limited company. This means that you are protected if you get sued and that the creditor can't have a go at your assets.

The new companies Act 2014 has changed certain aspects of this issue and the level of protection provided by hiding behind the corporate veil has been altered.
The other aspect is that the ultra vires rule is gone as well.

OP: this argument as been done various times around here and on other popular Irish forums so go search for it.
use advanced search in google and put the site you want to search in the domain box
this will get you started




One important aspect is look at the issues around SW "stamps" for a sole trader as opposed to being an employee.
In a company, as a director that you control, its a close company, while u can be an employee, you need to read up on the allowable PRSI contribution rules as a director in a close company.
Also google whats called umbrella companies, also covered here.