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Sole Trader or Partnership?

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  • 15-12-2011 10:07am
    #1
    jman0war
    Registered Users Posts: 429 ✭✭


    When starting a business with my wife, should we register as a Partnership or Sole Trader?

    We'd prefer that each of us would maintain on-going records with Revenue for Stamp 4 considerations.
    I don't want her out of the tax system which might impair later citizenship application.


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    #2
    MyAmber.net
    Registered Users Posts: 52 ✭✭MyAmber.net


    jman0war wrote: »
    When starting a business with my wife, should we register as a Partnership or Sole Trader?

    We'd prefer that each of us would maintain on-going records with Revenue for Stamp 4 considerations.
    I don't want her out of the tax system which might impair later citizenship application.

    You have to be very careful with partnerships as every person in partnership is responsible for all the debts of all members.

    You can employ people as Sole Trader, so if you want you can just put your wife on the payroll.


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    #3
    jman0war
    Registered Users Posts: 429 ✭✭jman0war


    MyAmber.net wrote: »
    You have to be very careful with partnerships as every person in partnership is responsible for all the debts of all members.

    You can employ people as Sole Trader, so if you want you can just put your wife on the payroll.
    Wouldn't that entail loads more bureaucracy?
    I'm trying to keep things simple.
    There will be no debt as we won't be accessing credit.


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    #4
    danmanw8
    Registered Users Posts: 229 ✭✭danmanw8


    jman0war wrote: »
    Wouldn't that entail loads more bureaucracy?

    Not really. Having your wife as an employee increases paperwork for you but reduces it for her. Should fairly balance out


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    #5
    nompere
    Registered Users Posts: 1,678 ✭✭✭nompere


    The employment of one spouse by the other is not an insurable employment. So the "employee" will not be paying PRSI, and will break his or her contribution record.

    Partnership means that they will both make self-employed contributions - and is, for that reason, much the better option.


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