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Transferring assets to Sole Trader

Gerry1995 · 2014-01-11 16:33:58

I have a limited company with a very small income so I want to close the Limited company and set up as a Sole Trader. The reporting and costs are to much hassel with the Ltd Co. Generally there is Voluntary strike off, or Liquidation or I suppose I could just leave the co dormant and do annual return to CRO myself. Any…

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11-01-2014 5:33pm

#1

Gerry1995

Registered Users Posts: 224 ✭✭

Join Date: June 2007

Posts: 132

I have a limited company with a very small income so I want to close the Limited company and set up as a Sole Trader. The reporting and costs are to much hassel with the Ltd Co.
Generally there is Voluntary strike off, or Liquidation or I suppose I could just leave the co dormant and do annual return to CRO myself.
Any suggestions as to the most cost efficient way both in charges and TAX to achieve this?

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#2 13-01-2014 11:43pm
pedroeibar1

Closed Accounts Posts: 5,108 ✭✭✭

Join Date: January 2010

Posts: 4976

This is quite a complex issue if there are assets/liabilities in the Ltd Co. Even if the co is dormant you'd still have reporting costs annually; really it would be best to discuss it with an accountant.

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