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Selling a comapny

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  • 30-09-2007 3:17pm
    #1
    jackbauer
    Registered Users Posts: 685 ✭✭✭


    hi all,
    looking for a little advice here. I have a ltd company which i used for a business a few years back but which ceased trading in 2006. I have submitted zero returns to the cro and just left it lying there. A friend of mine is setting up a consultancy business and needs a ltd company. is it possible for me to "sell" the company to him? thereby killing two birds as i'm looking a lengthy messy process to shut the company down.
    many thanks in advance,
    jack


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    #2
    information
    Closed Accounts Posts: 362 ✭✭information


    jackbauer wrote:
    hi all,
    looking for a little advice here. I have a ltd company which i used for a business a few years back but which ceased trading in 2006. I have submitted zero returns to the cro and just left it lying there. A friend of mine is setting up a consultancy business and needs a ltd company. is it possible for me to "sell" the company to him? thereby killing two birds as i'm looking a lengthy messy process to shut the company down.
    many thanks in advance,
    jack

    Yes you could sell him your shares and he would own the company, then you could resign as a director.

    But why would he want to fix your mess, it will cost him a lot more than just setting up his own company.


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    #3
    Eoin
    Registered Users Posts: 21,254 ✭✭✭✭Eoin


    information wrote:
    Yes you could sell him your shares and he would own the company, then you could resign as a director.

    But why would he want to fix your mess, it will cost him a lot more than just setting up his own company.

    What "mess"? And, why would it cost more for him to take ownership of the company - would both parties not save money?


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    #4
    information
    Closed Accounts Posts: 362 ✭✭information


    eoin_s wrote:
    What "mess"? And, why would it cost more for him to take ownership of the company - would both parties not save money?

    The company has submitted zero returns.

    So the mess is.

    1: Having to submit all the previous returns for the company

    2: Cannot avail of the audit exemption.

    The cost is auditors fees for the next 2 years and for the previous returns.
    So the saving would be about 5K is accounting fees.


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    #5
    jackbauer
    Registered Users Posts: 685 ✭✭✭jackbauer


    I have submitted zero returns since the company ceased trading. all other returns up to that point were done by my accountant and submitted , tax paid etc. i always claimed audit exemption due to turnover. the company currently has no assets or liabilities all taxes are paid and i'm looking at shutting it down but thought "selling" it to my friend might be mutually helpfull as i dont need a company anymore and he does.


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    #6
    Mr. Presentable
    Closed Accounts Posts: 9,496 ✭✭✭Mr. Presentable


    eoin_s wrote:
    What "mess"? And, why would it cost more for him to take ownership of the company - would both parties not save money?


    What is it, about €40.00 to set up a ltd company now? You'd better be selling cheap :D


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    #7
    information
    Closed Accounts Posts: 362 ✭✭information


    jackbauer wrote:
    I have submitted zero returns since the company ceased trading. all other returns up to that point were done by my accountant and submitted , tax paid etc. i always claimed audit exemption due to turnover. the company currently has no assets or liabilities all taxes are paid and i'm looking at shutting it down but thought "selling" it to my friend might be mutually helpfull as i dont need a company anymore and he does.

    You have to submit your returns even if the company has ceased trading,
    so my previous still applies

    unless there is still time to submit last years return
    ie ARD in not until the next few months.


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    #8
    jackbauer
    Registered Users Posts: 685 ✭✭✭jackbauer


    yes i have submitted my returns even after trading ceased. zero in zero out. mabey i'm ignorant of some facts here but i cant see what mess i have created.


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    #9
    Eoin
    Registered Users Posts: 21,254 ✭✭✭✭Eoin


    perhaps there was some confusion over you saying "zero returns" - i.e. people thought you made no returns, as opposed to returns stating no money in or out.


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    #10
    jackbauer
    Registered Users Posts: 685 ✭✭✭jackbauer


    ahh i see. my bad. apologies.


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    #11
    information
    Closed Accounts Posts: 362 ✭✭information


    eoin_s wrote:
    perhaps there was some confusion over you saying "zero returns" - i.e. people thought you made no returns, as opposed to returns stating no money in or out.

    You can sell him the shares in the company and then change over the directorships.
    There is a share transfer form forget the name.

    The company will have to be setup as a company that carries out the business your friend is going to do, other wise it could make the company void.


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