Transfer of Business Trading name to Ltd Co.?

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ButtermilkJa

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I just recently changed my status as a Sole Trader to that of a Ltd Company. I have a business name that I was trading under and I want to continue trading under that name. Do I need to re-register the business name as ABC Ltd t/a... and cancel the Joe Bloggs t/a...?

Also, from what I can remember of my meeting with my accountant a few weeks back, he said I must open a new bank a/c. Is this regulation, or would he merely be suggesting it? Thing is, I already have a seperate a/c running for a few years for my Sole Trader business.
 
Everything must be changed into the company name. The company must have it's own bank account. All sales invoices are issued by the company and all purchases invoices are issued to the company.
 
You need to file an RBN 3 to cancel Joe Bloggs T/A..... and you need to file and RBN1B to register XYZ Limited T/A.....
You can download those forms [broken link removed]
 
Just remember you'll need to change the name on the bank account to be XYZ Limited T/A XYZ.
You'll also need to inform revenue that you are now a limited company. To register for Tax and Vat (if applicable) as a limited company, you'll need to fill out a TR2 form which can be downloaded from www.revenue.ie and you will need to send a cover letter with it requesting that the sole trader tax details be cancelled and replaced with Ltd Co tax registration (application enclosed herewith etc).
 
Do you reckon that an accountant would do all those things. I have one taking care of it for me but just wasn't sure about the trading name part of it. I'll give him a ring just to be sure. Thanks.
 
Do you reckon that an accountant would do all those things.
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Yes, your accountant will do these for you but don't presume they will automatically do it for you. You will have to request that they do it for you. But they'll do it no problem.

Other than that, the forms i have specified are VERY Simple. If you feel up to it, you should try and give them a bash yourself. Could save you a few €€€'s!
 
RedStix said:
Just remember you'll need to change the name on the bank account to be XYZ Limited T/A XYZ.
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Will the bank change the name on an existing account? In cases that I have been involved in, the bank had requested that a new account be opened.

Also, I don't believe that revenue will cancel the sole trader registration, as you, being a director will still have to make your own income tax return each year, and thus, are still chargable to income tax as a self employed person.
 
RedStix said:
...Other than that, the forms i have specified are VERY Simple. If you feel up to it, you should try and give them a bash yourself. Could save you a few €€€'s!
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Well, I've already paid my accountant €500 to set-up the company so I presume he will be doing all this anyway. I know I could've done it myself but I'm very busy and I'd prefer have someone qualified do it.

Joe1234 said:
...Also, I don't believe that revenue will cancel the sole trader registration, as you, being a director will still have to make your own income tax return each year, and thus, are still chargable to income tax as a self employed person.
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I'll be setting myself up as an employee of the company so I won't technically be a sole trader anymore. I'll be a director alright but any money I make will be as an employee.
 
ButtermilkJa said:
I'll be setting myself up as an employee of the company so I won't technically be a sole trader anymore. I'll be a director alright but any money I make will be as an employee.
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Yes, but you will still need to make a Form 11 tax return each year. For this reason, revenue will not cancel you as a self assessed person.
 
Ah, I see. I'm writing down all these points as they arise so I'll have a good list of q's to ask my accountant today when I call. Thanks for all the info!
 
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