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Business account:sole trader VS limited company

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  • 14-04-2016 1:08pm
    #1
    rolion
    Closed Accounts Posts: 3,362 ✭✭✭


    Hello,

    What are the differences between a "sole trader" account and a "limited company" business account ?
    If i have a sole trader and registering a new limited...can we keep same account or change to limited type !?

    Thanks


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    #2
    Bank of Ireland: Sarah
    Closed Accounts Posts: 1,640 ✭✭✭Bank of Ireland: Sarah


    rolion wrote: »
    Hello,

    What are the differences between a "sole trader" account and a "limited company" business account ?
    If i have a sole trader and registering a new limited...can we keep same account or change to limited type !?

    Thanks
    Hi rolion, 

    Thank you for contacting us on Boards. 

    There is a difference in the way in which Sole Trader and Limited companies would be set up so we would require different documentation off you if you wish to go ahead and open a Limited Company account. We will need the following: 
    • Original Certificate of Incorporation and Certificate of Change of Name (if applicable)
    • Copy of Memorandum & Articles of Association
    • Original or certified copy of the Certificate of Registration of Business Name (if you are trading under a name other than your company name)
    • Certified list of Directors and beneficial owners with greater than 25% ownership
    • Confirmation of ultimate beneficial owners, where corporate shareholders hold greater than or equal to 25% issued share capital
    • Proof of identity and addresses of (i) the directors and (ii) all of those signing on the account - 2 directors and 2 signatories.


    It would not be possible to change your type of Business account into a Limited company account. A Business advisor in your branch will be happy to go through this in more detail with you and you can book an appointment with your branch online here. 
    Thanks,
    Sarah


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