Deafting articles and memorandum

danielcork1

Currently considering strarting a one-man private limited, very small scale business and not employing anyone else. Because its not going to be worth a lot to me, I'm trying to really skimp on start up costs! I realize the CRO fees can be halved by filing on line, but for the Articles and Memorandum, is it really necessary to hire an accountant or use an online service, or can these be 'bluffed'!?
Second (unrelated) question. Does anyone know the exact name restrictions for a sole tradership, as I'm thinking this might be the way to go for convenience..
Thanks

Aelfric

As a Sole Trader you can still choose pretty much any name to trade under other than your own personal name if you so desire, subject to CRO rules. The main differences between Sole Trader and Ltd company are that if the latter goes to the wall, you are only personally liable for the amount (min €1) specified in the Memorandum & Articles of Association. As a Sole Trader, your creditors can take the shirt off your back and the rug from under your feet.

Also, a company can get sued leaving you in the clear, but as a Sole Trader, you're liable for everything.

My advice, don't scrimp on accountants or solicitors, as their costs can be written off either way. There's no quick and easy way to a successful business, otherwise everyone would be doing it!

Stuart
BPL Consulting

danielcork1

Thanks for the advice, Stuart. I've finally chosen on a sole tradersihp just because of it's convenience and as it's only an online store, it's just not worth going down the limited company route. As regards accounts, have decided to heed your advice and stop trying to scrimp!