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Layman Steps To Limited Company Set Up

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  • 15-07-2008 8:31am
    #1
    Downtown
    Closed Accounts Posts: 4 ✭


    Hi all,

    Myself and my friend are in the process of starting up a new business. We have decided to go as a limited company as opposed to soletrader/partnership style one. We have been researching for the last few weeks the steps we need to get us up and running.

    It might be just us; but we are getting confused with all the forms and the steps to take.

    Could anyone (in layman terms) explain the steps we need to take and any important things we need to look out for to get us up and running.

    Any tips, steps or links very much appreciated.

    Downtown.


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    #2
    ImDave
    Registered Users Posts: 1,096 ✭✭✭ImDave


    First of all, make sure that a Limited Company is infact what you want to do. Remember you are creating a legal entity with a number of obligations that if not met carry serious implications for the owners.

    If that is the route you want to go, you can use one of those company formation crowds to do the work for you. You supply some basic information and they draft the mems and articles of association and the form A1. I have never used such a company before, as I just got my hands on a set of articles, made a few small changes and brought them to a solicitor to get them signed and witnessed along with the form A1.


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    #3
    dooloo
    Registered Users Posts: 62 ✭✭dooloo


    Like the above poster said, the most convenient way to set up a company is to use one of the company formation companies which charge about €300 - €400.

    In addition to setting up the company, you will have to register the company for taxes, such as Corporation Tax, VAT and PAYE/PRSI with Revenue.

    Do you have an accountant?


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    #4
    Downtown
    Closed Accounts Posts: 4 ✭Downtown


    Cheers for the info EI-Dav and Dooloo,

    Made some progress yesterday. Looked into this company formation route and got some quotes back. We weighed this up against a solicitor doing the paper work in times of cost and time & while the "company formation" route was cheaper we need contracts between my bus partner and I drafted too, so we are going to opt for the solicitor.

    In terms of VAT to be paid is it set in stone that it is 21% or do some businesses fall into the 12.5% bracket. What dictates that? We are offering a service over the internet so there is no actual product as such. How do you find out what VAT you are up for?

    Thanks again for any help

    Downtown


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    #5
    Andrea B.
    Registered Users Posts: 1,926 ✭✭✭Andrea B.


    As somebody who was given, what I consider now, bad paid advice, to set up a limited company some years ago, I would consider the implications and costs very carefully. This has been highlighted by other posters.

    It cost me twice as much to get out of it than get into it and didn't actually serve any purpose for my particular situation than adding the "Ltd" to my business name.


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    #6
    vodkasoda
    Registered Users Posts: 89 ✭✭vodkasoda


    Andrea B. wrote: »
    As somebody who was given, what I consider now, bad paid advice, to set up a limited company some years ago, I would consider the implications and costs very carefully. This has been highlighted by other posters.

    It cost me twice as much to get out of it than get into it and didn't actually serve any purpose for my particular situation than adding the "Ltd" to my business name.

    Funnily enough, this is what I've just started to look into ... I've been told by my accountants (who I think are expensive in every way anyway) that it's going to cost me the best part of €2000 to shut the company down !!!

    I'm not working, the company has no funds and no income, where is it supposed to find 2 grand ?!?!? Surely there is a better / easier .. CHEAPER ... way ?!?


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