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Currently employed but starting mu own business

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  • 28-10-2015 8:55pm
    #1
    defforirl
    Registered Users Posts: 70 ✭✭


    Hi, I am currently employed but want to start my own business that will hopefully become my full time emplyment in time.
    I plan to initally work for myself on a part time basis, because of the way my current shifts work I have 4 free days a week.

    I have checked witht the CRO and the name I want to use is available. I have a branding/marketing query though in relation to the company name. Its not the name I plan to use but for arguments sake lets say the company will be called 'Diamond Mechanical Services'. Initially I will operate on a mobile basis with the plan being to open a workshop if/when I can operate full time. I would then plan to begin manufacture of my own line of industry related products. Do I need a seperate registered name for this product line that I would plan to call 'Diamond' for example?

    I would not be interested in taking a salary for myself untill such time I was working full time. Can I simply build up cash reserves in the company or reinvest the profits back into the company in equipment and training? Will revenue insist I have a salary to tax?

    Am I better off starting the company as a sole trader or as a limited company? Initially I will be the only 'employee' but that would change in time hopefully.


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    #2
    smash
    Closed Accounts Posts: 34,809 ✭✭✭✭smash


    If you're talking about the trading name of the business then you can use "Diamond Mechanical Services trading as Diamond". For the product itself, you can call it what you like and sell/manufacture it through Diamond Mechanical Services.


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    #3
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    In relation to the tax you get taxed on your profits not how much you take in wages. How much is taxed with depend on what sort of company you set up.

    Whether to go Sole Trader or LTD is going to depend a bit on your personal circumstances. Its worth talking it over with an accountant just to be sure you make the right choice.


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    #4
    JoeFlood
    Registered Users Posts: 25 ✭JoeFlood


    As Jimmii has mentioned it is a good idea to talk to an accountant before deciding whether to register as a Sole Trader or to register a LTD company.

    Here is a link I found to Sole Trader vs Limited company. www(dot)companyformations(dot)ie/blog/sole-trader-v-limited-company-what-are-differences-why-should-i-register-limited-company/

    Hope it helps !


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