How to Start Business in Ireland?
We offer and furnish you with the best advice to start or develop any kind and size of business, we help in setting up a new business as:
- Limited company by shares/guarantee.
- Sole trader
- Individual advice
Our advice, help and recommendation stand step-by-step with our valuable clients.
At MSH Accountants we make sure to engage our client to understand the whole process involved in starting a business
and provide information they required e.g. availability of grants for feasibility studies, provision of financial support for the
establishment of new businesses or expansion of existing ones.
Please consider the following points whether to set up a limited company or to trade as a sole trader, also consider the advantages of forming a limited company:
Sole trader/partnership versus a limited company
- A sole trader / partnership is an individual(s) in business whom are personally responsible for the debts and liabilities of that business.
- A limited company takes on a separate legal entity from the individual shareholders. The shareholders are only personally responsible for the
debts and liabilities of the company to the extent of their unpaid issued share capital.
- The shareholders’ liability is limited only to the amount of share capital subscribed and issued to the shareholders.
- The personal assets of directors or shareholders cannot be seized to pay off company debts.
- Unlike a sole trader or partnership, a company has a separate legal existence in the eyes of the law. In the financial difficulties
assets of the company can be used to set off its debts.
- The registered Business Name of a sole trader is not protected against duplication, the name of a limited liability company is protected.
- A limited company qualifies for a low corporation tax rate which is very helpful in the growth of the business.
- The company continues to trade irrespective of director or management changes until the company is wound up and dissolved
Although there are many advantages of forming limited company but it is also important to remember that it has limited liabilities.