Should i set up a company?

28 Mar 2008

Posted in Work | 3 Comments

I’m seriously considering setting up a limited company NOW.

The only thing really holding me back is the fact i’ll lose my college grant money for the next two years, which will be about €6k (€3k per year). Reason being, the company would require 2 members (directors) and company directors cannot receive social or grant benefits.

So that sucks, but on the flip side, the cost of building BeerChief would be -20% should we set up a company, plus i’d get my office for example at -20% also… decisions, decisions…

We may have to schedule a meeting with an accountant or something just to brief us on what we’d be getting in to. But setting up a business with no proven profits seems wrong. A risk – undoubtedly. The biggets risk of my life so far

It would, however put us in a much stronger position to promote BeerChief and generate advertising deals. Limited liability is also nice peace of mind, not that i’d lose anything of value anyway as i don’t have anything of value

http://www.scoby.ie scoby

Will you be able to get the deductions on business stuff immediately or would it be a ‘end of year tax’ kind of thing?

Be careful with your cash flow
http://www.smemon.com smemon87

wouldn’t be immediately, possibly every 2 months but it’s another question we’d need answered.

From what we’ve now been told, we’d need to be making 25k+ profit per year to make it worthwhile registering for VAT, so that kills that idea

We’ll have to hold off registering as a ltd company for now due to that fact. It’s all money & paperwork to protect ourselves. But atm, we’ve got nothing to lose so froming a ltd company won’t make sense, until we can actually make profit and have something to lose
http://www.lordbloggit.com Lord Bloggit

Register your ‘beerchief’ business name with the companies’ registration office (www dot cro dot ie) . You’ll have to pay a one off 20 fee …. you’ll get a cert to say you own the right to use the beerchief name and you can use this as proof of ownership to register the beerchief dot ie domain if you so wish.

A LTD company brings a lot more disadvantages than advantages at the beginning.

Look at the ‘sole trader’ options also …. for tax purposes.

Your difficulty is that there are two of you involved … so this may have implications with the way Revenue will deal with you.