Are you thinking of starting a new business?
It’s at times like these when it is even more crucial to get the right advice when starting up your new enterprise. Whether you are planning to set up a limited company, partnership, or you are going to be self-employed; here at Garland McDonald & Co our team of advisers are trained to the highest standards to give you the very best advice and help your business start off in the right direction and to assist with accountancy and tax compliance procedures.
We will provide you with all the information you need on the steps involved in starting up a business, availability of grants for feasibility studies and business plans, research for the provision of financial support for the establishment of new businesses or expansion of existing ones.
If you are thinking of whether to set up a limited company or to trade as a sole trader, then the following pointers will help you make this decision.
There are many advantages of forming a Limited Company:
- In Ireland a limited liability company enjoys low corporate tax rates.
- Ireland’s Corporate Tax Rate of 12.5% is one of the lowest in the World.
- Limited liability – Shareholders in a limited liability company are only liable to lose the share capital they subscribe. (For sole traders and in partnerships, the individuals personal assets are at risk if there is a claim against the business).
- Scope for greater company pension scheme to be secured through a limited company.
- A limited company has a greater ability to raise finance by the issue of shares and also under the Business Expansion Scheme.
- Ownership of a limited company can be spread over a greater number of people.
- Personal tax advantages can accrue for directors of a limited company.
- There may be a greater degree of business credibility of trading through a limited company.
- Registration of the limited company name protects it from use by another limited company.
While enjoying all of the advantages that a limited company may offer, it is also important to remember that higher administration costs are involved to run it and other options may be more beneficial.
You may also want to consider the options of establishing your business as a:
- Sole Trader
- Business Name
- Foreign Company
- Limited Partnership
For more information on your options and to see what might best suit you, please contact us to arrange a consultation just Contact Us