New company set up
Are you starting a new business? You will be faced with a number of issues to consider related to taxation. Depending on your situation different regulations and government support options apply. It differs whether you are employed or unemployed and if you are someone who is coming from outside Ireland to set up a business here.
Here are three basic types of business you can set up in accordance with Irish law.
As a legal obligation, you must register as a self-employed person. As the name suggests it is a type of company run by a single person. It is relatively easy to set up, also there is no need to produce financial statements nor make account audits.
Can be established when 2 or more people agree to run a business together. Responsibilities of each person have to be established at the beginning, the special partnership agreement should be drawn up with the help of a solicitor. If the business fails – all partners will be responsible for potential debt.
A Limited Company is distinguished by the fact that it is a separate legal entity. No one is responsible for the debts, if it fails then the creditors, in general, can only make a claim on the company assets. Such a company however has to produce financial reports yearly and its accounts have to be audited.