Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

New Ltd company questions

Options
  • 24-10-2011 9:01pm
    #1
    jmal
    Registered Users Posts: 182 ✭✭


    Hi, I am concidering setting up a Limited company for e-commerce. I currently have a small Sole Trader business which will stay completely seperate. The Ltd company will be 100% new.

    My questions is as follows:

    1. If I do not draw a wage from this new company but I will own 90% of the company (10% from investors) is there any issues with having a Ltd company when I already have a Sole Trader business. The company will have 1 employee for managing the e-commerce site. This will be the only wage for the company.

    Thanks


Comments

  • Options
    #2
    exaisle
    Registered Users Posts: 2,675 ✭✭✭exaisle


    I can't see any issues regardless of whether you draw a wage or not, as long as the limited company is registered separately for taxes.

    If you draw a wage, you would be subject to PAYE so your income from the Limited Company would be shown on a P60 at the end of the year rather than from accounts (as is the case for your sole trader business).

    Your annual income tax return would show you as 90% owner of the limited company too.

    E.


  • Options
    #3
    srsly78
    Registered Users Posts: 7,157 ✭✭✭srsly78


    Yeah it's not gonna make much difference to you OP, seeing as you file a form11 tax return every year anyway. Just a few extra figures on that form is all really.


Advertisement