Re: What are the pros & cons of opening a limited company instead of in my personal n
Paddy, This area is very complicated, and I would strongly advise that you get a good accountant or financial advisor that has worked in this area. At the end of the day, whether you are a sole trader of Limited company, you will need this backing so look now.
One thing that stands out above is that you note that in a limited company you will get peace of mind and protection of your own assets. As a person with significant experience over the past ten years, please believe me this is not the case. Even at our height with 32 staff, I was asked to personally guarantee everything, including loans lower than 20K. I have never had bad credit or any reason for the banks to do this, and I am sure that in the current situation they will be even more protective with loans and property purchase.
I was in the property business of sorts, and have pulled out of it 6 weeks ago. I managed to ensure that none of my private assets were affected by minimising my bank loans, leases etc to what the business could afford to lose even though I was personal guarantor, and that proved very valuable to me and my family. 3 of my clients went bankrupt, and that obviously put us in the sh1ts. Everybody is paid off now, I am out of work, but we have peace of mind and our house. I would not touch the industry or place any of my assets at risk in the current situation.
Finally, I revert back to my previous statement. Use a financial/tax/accountant consultant. May be the bext 1000 euros you ever spend. It was for me!