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Simple Company Formations Blog
April 2, 2011, 5:32 pm
Establishing your Business
Introduction
There are 3 basic types of business form, i.e. sole trade, partnership or limited liability companies. Which form you choose depends on a number of factors such as:-
- Your attitude to risk – a limited liability company limits your personal liability to the capital you commit to the business whereas a sole trade/partnership does not protect you personally.
- Tax efficiency – Sole trades/partnerships are subject to income tax rates of 20% to 41% whereas limited companies are only subject to 12.5% tax on retained profits.
- Type of business – some businesses are restricted to only operating through sole trades or partnerships.
Sole Trade
This is the easiest and most basic form of business structure. The advantage of sole trade is that you are not obliged to place any information about the business in the public domain, however the disadvantage is that you are not personally protected in the event of the business failing – no distinction is made between personal and business assets.
Partnership
This is an agreement between two or more people to go into business together. It is recommended that a partnership agreement be drawn up to regulate the operation of the partnership. In a partnership the assets of the business are shared however as with a sole trade there is no protection of personal assets in the event of the business failing.
Limited Liability Company
A company is formed for the business venture with share capital contributed as part or all of the initial finance requirements. A company is a separate legal entity from its shareholders; therefore their liability is limited to the amount of capital they contributed to the company. A limited liability company must file accounts annually with the Companies Registration Office.
Business Names
If you wish to trade through under a name under than your own name (i.e. Brendan Ryan trading as East Clare Consultancy Services) you must register the company name with the Companies Registration Office for a small fee.
How we can help
We can advise you on the business form which best suits your business based mainly on the need for personal protection through limited liability as well as potential taxation savings which may be gained through trading through a limited liability company. If necessary we can form a company for you house or register your business name for you. Visit our website www.simplecompanyformations.ie for up to date and relevant information on this topic or contact us for a free initial consultation.
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