Quick Checklist for Setting up your New Company

I’ve previously posted some guidelines on setting up your company and registering for taxes. The following is a quick checklist of the steps involved in getting your new company on the road with links to previous posts where relevant: Decide whether a company is the best structure for your business. Decide on who the directors, shareholders and company secretary will be and form your company. When your company is formed, register for taxes using Form TR2, paying particular attention to VAT registration. Open a bank account. You will need the company’s Certificate of Incorporation and Memo & Articles of Association. […]

Company Stationery and Websites

If you are setting up in business and designing your stationery and website please be aware that there are some legal requirements surrounding what needs to be included.   Headed Stationery As required by legislation the following should be included on a company’s headed paper: Company name plus Limited, Ltd, Teoranta, Teo, plc as appropriate Names of directors (including any former names) Nationality of directors if not Irish Business name (if different from company name) Country of registration Registered number Address of registered office   Websites   There are a number of regulations concerned with information […]

Forming a Company

To form a company in Ireland the easiest option is to appoint a formation agent to form the company for you. The main advantage of appointing a formation agent is that the company will be formed faster. An agent using the CRODISK system can have a company incorporated within 5 days. Submitting the documents yourself can take up to 6 weeks. With an agent you may also get some added extras such as company seal and registers (but you will need to ask if these are included.) However, budgets can be tight in starting a company […]

Registering as a Sole Trader

Click here to arrange a meeting or here for a telephone call. A sole trader is the simplest form of business in Ireland. As the name implies, it refers to one individual who owns and operates a business. A sole trader can have employees to assist with the running of the business, but it is the sole trader who owns the business, taking all the risks and rewards. To register as a sole trader you will need to complete a Form TR1 (available on www.revenue.ie), sign it and send it to your local Revenue District Office. Thinking of starting your […]

Retailers: Cash Register Requirements

As you may be aware every business is obliged to keep proper books and records relating to: All sums of money received and expended in the course of the trade or profession All sales and purchases of goods and services The assets and liabilities of the trade or profession All supporting documentation, including invoices and receipts as well as details of the calculations must also be retained. For retailers, this includes daily till receipts that show all the individual sales from the day as well as the end of day total. A daily summary of transactions […]

Registering a Business Name

If a sole trader trades under a name other than his/her own name, then he/she needs to register a business name. For example Kevin Mulcahy is a sole trader who runs a cafe called “The Daily Grind.” He will need to register this name so that suppliers, government departments and the public is aware of who the legal entity is behind the business. Remember that companies who trade under a name other than the company’s own name also need to register the trading name. Business names can be registered by submitting one of the following forms […]

Sole Trader v Limited Company

So you have a new business idea and have sketched a brief business plan. What are your options in terms of structure and how do you decide which one is right for you? There are two main options open to entrepreneurs setting up in Ireland – sole trader and limited company. I will briefly outline the differences between the two and the issues you need to consider when making a decision on which structure to choose.   Sole Trader Sole trader is the simplest option. To set up as a sole trader, you will need to […]

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