Tips On Starting A New Business - Know Your Structure

Are you looking at setting up shop in Ireland but are not decided on your options yet

? Let's say you already have a business idea that you think will click, and a foolproof business plan to go with it. What is the next thing that you should think about if you want to start a new business in Ireland? At this point, you need to consider the structure of the new business that you want to set up.

In this regard, there are several options for entrepreneurs who want to start a new business in Ireland. They can register themselves as a sole trader, form a partnership, or constitute a limited company. There are differences to these types of structures. And ultimately, your choice should be based on the type of industry that you want to enter, the kinds of people that you want to work with or transact with, and how averse you are to risk.

Let's drill down to the nitty-gritty details. Setting up your business as a sole trader is typically the easiest way to get your business going. You only need to register yourself as self-employed with the Revenue Commissioners, as well as your company name with the Companies Registration Office. The major setback of this structure though is that your personal assets are open to creditors in case of losses.

A partnership, on the other hand, is former by at least two persons. Here, you and your partners are obligated by Irish law to be liable in equal parts to creditors, as well as to manage the business jointly.

Finally, setting up a limited company is another option, especially if you don't want to risk your personal properties. Here, you are forming a distinct entity separate from the company owners. The main disadvantage of this is that it is subject to stricter regulations

by: Gary McGeown

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