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

Business partners living in separate countries

Options
  • 07-03-2012 3:15pm
    #1
    Registered Users Posts: 21


    Myself and my business partner are discussing the best way to run a new business together as one of us will be based/living in Ireland and the other in Europe.

    The business will be distributing products to Ireland, UK and Europe.

    Initially, we were going to go with a partnership, then discussed if a limited company was the better option. Either way, whatever we set up in Ireland; the other will be subject to income tax in the European country they live in.

    Then we thought, would it be best that the one living in Ireland, sets up as a sole trader in Ireland and the other living in Europe, sets up as a sole trader in Europe; then we set up a limited company either in or outside Ireland, that we both invoice accordingly for our 50% share?

    Also, if we are to set up either a partnership/limited company in Ireland, what are the tax implications on the person living in Europe? ie. If the partnership/limited company shows profit of 100k, and the partner living in Europe takes their 50k to Europe of which will be subject to tax in the European country; are questions not asked as to why an Irish partnership/limited company has taking 50k out without not paying any income tax in Ireland? Decisions! Decisions!

    We spoke with one or two accountants but its still not clear as to what the best options is for both of us..

    Do any of you have a similar arrangement with one partner living in Ireland and the other abroad and if so how do you manage to run the business, bank loans, tax liabilities etc?

    Many thanks
    BB


Advertisement