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Setting up a small business

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  • 08-05-2007 7:36pm
    #1
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭


    Hey,

    Myself and a few others are setting up a small business that will run in our local town. It will be IT related.

    I was originaly considering just registering a business name but I have been advised to register a Limited Partnership Company. Is this the correct approach?

    Cheers.


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    #2
    mneylon
    Registered Users Posts: 7,739 ✭✭✭mneylon


    It depends on what you want to achieve

    I'd recommend you speak to an accountant / solicitor and maybe even your bank manager.

    There are advantages and disadvantages no matter what way you setup a business. The trick is striking the right balance

    Blog | Tweets



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    #3
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭Sully


    Well, its just starting of small with a few people working for us doing jobs. I was told they can be classifed as consultants.

    Ill take a look into contacting someone else, and see what they can advise.

    Thanks.


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    #4
    fintan
    Closed Accounts Posts: 647 ✭✭✭fintan


    If you are setting up a business with other people,(either as sole trade, ltd co or partnership), I would strongly recommend getting a shareholder agreement put together by a solicitor.

    It will lay out exactly what happens if/when you have a disagreement etc

    Get it done before you have your first customer.


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    #5
    Sully
    Moderators, Education Moderators, Technology & Internet Moderators, Regional South East Moderators Posts: 24,056 Mod ✭✭✭✭Sully


    Well I assumed thats the idea of this limited partnership - that only what is invested at the start is paid back. We thought this would be a good starter point and if it started to grow, we could look into another form of partnership.

    It looks like ill need to speak with my solicitor first tho.

    Thanks


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    #6
    tyler_d
    Registered Users Posts: 70 ✭✭tyler_d


    Alot of people avoid accoutants because they arent bothered paying the fees but at the end of the day, i think talking to an account about issues like this can save your business at the end of the day.

    Personally limited companies are the safest options. They seperate you from a company that could belly up.


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    #7
    insafehands
    Registered Users Posts: 583 ✭✭✭insafehands


    tyler_d wrote:
    Personally limited companies are the safest options. They seperate you from a company that could belly up.

    Factually I'd say.


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    #8
    fintan
    Closed Accounts Posts: 647 ✭✭✭fintan


    tyler_d wrote:
    Personally limited companies are the safest options. They seperate you from a company that could belly up.

    I think you should have a read of http://www.odce.ie/ and also talk to a solicitor.

    Directors have many new responsibilities and the separation between company and individual is wafer thin.

    Which means you know have to really weigh up the pros and cons of setting up a limited company.


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