Lads what's the steps to setting up a small business.dont need premises just wondering about the legal bits and registering .
Thinking of doing something in a few months but no idea what to do to get started.
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Lads what's the steps to setting up a small business.dont need premises just wondering about the legal bits and registering .
Thinking of doing something in a few months but no idea what to do to get started.
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Assuming its a small business, the first decision you should make is whether you want to be a Sole Trader or a LTD company.
A Sole Trader will have their personal assets liable if things don't work out and the business owe's money.
A LTD company will only have the business assets liable.
As far as I know a LTD company now only requires one director, this used to be a minimum of two.
The start up procedure is different for both, with the LTD company requiring more effort.
Sole trader is what I'm thinking.finishing up what I'm doing soon and don't want to go on the dole,have money saved so why not.
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You may not want to go on the dole but if you are starting your own business you will be eligible to receive the dole for a year paid direct into your account to support you for the first year. You need to show them the plan for your business but it's the handiest €10k you'll make in year 1Originally Posted by satumashirt611
Best of luck with the new venture
Will look into it.thanks for the advice.
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You can do the "Back to work" Scheme James, this means you will need to sign on for 6 months before your eligible to actually get on the Scheme Silly imo). This will however give you time to get your ducks a row. You will have to sign on monthly and collect your weekly payment from the local post office.
Once you have done the 6 month stint you shall then be eligible for the BTW scheme which means no more monthly sign on and weekly payments go into your bank account. For one year you will receive your full weekly amount of circa €188.00, then on the second year it will go down to circa €145.00 per week and the third year your on your own.
I say all the above as it was 3 and a half years ago when I did it so things may very well have changed. If you need any info etc give me a shout and I'll help where I can.
Thanks very much
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What is the new business? You might get some customers on here
[hr]
What is the new business? You might get some customers on here
Won't jinx things by saying!!What is the new business? You might get some customers on here
[hr]
What is the new business? You might get some customers on here
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Did this myself about 18 month ago & still going the sole trader route. A few pointers:
- Decide whether you want/need to register for VAT
- Keep a separate bank account for the business to your personal account
- Remember not to spend all the money! If you start trading in (say) Jan 2016 you won't have to pay a penny of tax until October 2017, it often disappears!
- Keep receipts for everything you buy/do business related - its generally tax deductible!
- Log income & expenditure (even if its a simple spreadsheet) - it will be easier when you have to do your tax returns
- If you're not comfortable get a good local accountant to prepare your accounts & tax returns from your excel spreadsheet - €300/€400 well spent
If you have any questions, feel free to ask!
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