Advice on business start up

amacca

Hi,

Just looking for some advice on a business start up. Essentially the business idea is to tailor a holiday package (week long) to a small group of EU nationals visiting Ireland.

The main initial piece of advice I'm looking for is what sort of legal entity should the new business be set up under.....private limited company, public limited company etc

Initially it would be myself and another business partner in equal partnership, with a couple of direct employees (2-3 max) and potentially a partner in another country looking for a small percentage.

Any thoughts on what the best way to go is to minimise exposure to legal issues/claims. Don't want to lose much beyond the capital we intend to put in to see if the idea works....I know I sound dubious about the idea but i think it could have a chance I just don't want to end up losing more than is necessary or being overly exposed to legal liability so would like to set the thing up properly from the start rather than chance my arm.

Would there be a good place to get advice on this sort of thing without giving away the exact idea etc etc.....

drunkmonkey

Probably best do a start your own business course with the local enterprise office,
https://www.localenterprise.ie/Discover-Business-Supports/Training-Programmes/Start-Your-Own-Business-Programme/

Your looking at starting as a sole trader/ltd. I’m
not hot on the idea of a partnership, even if somone matches the amount your putting in they may not match the work. If your doing 90% of the work and your partner is taking 50% of the profits you won’t be happy, think hard about that before jumping into bed.

amacca

drunkmonkey wrote: »

Probably best do a start your own business course with the local enterprise office,
https://www.localenterprise.ie/Discover-Business-Supports/Training-Programmes/Start-Your-Own-Business-Programme/

Your looking at starting as a sole trader/ltd. I’m
not hot on the idea of a partnership, even if somone matches the amount your putting in they may not match the work. If your doing 90% of the work and your partner is taking 50% of the profits you won’t be happy, think hard about that before jumping into bed.

Thank you, Ill look into those courses. I know what you are saying re group work etc etc....I always seem to do better solo but for a lot of reasons its a non runner.....Its work together or don't work at all as far as this idea goes....the partner has the contacts crucial to make it work (imo) and its as much their idea as my own in fairness........sound advice nonetheless.........on the putting in more work thing...it could happen but tbh other commitments in life mean I only have so much time to put into the venture.

pedroeibar1

amacca wrote: »

Hi,

Just looking for some advice on a business start up. Essentially the business idea is to tailor a holiday package (week long) to a small group of EU nationals visiting Ireland.

The main initial piece of advice I'm looking for is what sort of legal entity should the new business be set up under.....private limited company, public limited company etc

...

Use the search function and you will find this on the correct set-up model.
Your idea has already been done by several companies, providing various services from genealogy, historic houses, gardens, chauffeur drive, etc. Use google to see how they operate.
Your key item of importance for you is an agreement with your business 'partner' setting out the rights and obligations of all concerned. Write down what is important then go to a solicitor to have it drawn up properly (question to answer - will the solicitor be acting for you, the others or the business?)

amacca

Thank you for the response, food for thought. I will read the link and update thread with any progress.