In times like these it is even more crucial to get the right advice when starting up your own business. Whether you are planning to set up a limited/ unlimited company or to be self employed, we at BJK Accountants are trained to the highest standards to give you the best advice and help your business start off in the right direction and develop into successful business.
We will provide you with information on the steps involved in starting a business, availability of grants for feasibility studies, 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 points will help you make this decision. Advantages of forming a limited company:
In Ireland a limited liability company enjoys low corporate tax rates & beneficial cash flow. 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.