Question on sole trader vs company

S

surge

Guest
I'm a totaly newbie but will be losing my job in the next few weeks. I want to set up on my own doing graphic design with a company name. I also will be trying to sell painting but under my own name, it would not be connected to the graphic design companys name. Obviously i will not be making much money for a while but i want to start on the right page so i dont have to modify the company name etc in the future if i havent set things up correctly. I will also need a vat number.

What would be the best way of doing this?

1. Sole trader with a business name
2. Halo Limited company set up in the company name (which could encompass botht he painting and graphics)
3. Other suggestions?


Any help would be much appreciated!
 
If I were you I would avoid the limited company route for now until you are more established. You can register a trading name with CRO. When you've done that take it to your bank and they will allow you to set up an account in that name (recommended, although it will also allow you to lodge cheques made out to that name to your personal account if you so desire).

You can apply for a VAT number either in your own name or under your trading name. Details here:

http://www.revenue.ie/en/tax/vat/registration/index.html

Best of luck.
 
Thanks so much for your info! One last question, would it matter if she applied under trading name or personal?
 
surge said:
Thanks so much for your info! One last question, would it matter if she applied under trading name or personal?
Click to expand...

No, the VAT number is unique to the person (if a sole trader), so it would just be (for example) "Jane Doe T/A J.D. Design". The bank would then open the business bank account under that same name.
 
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