Skype: ComerfordFoley or call 051 396703 / (01) 5720605

See how creating a limited company has given businesses like yours a better chance to succeed and grow

Advice on taking business to the next level if you are:

A Sole Trader

Just starting a business

Thinking about
starting a business

When we start out in business, most of us are just happy to be making sales doing what we love. 

You may have made it this far mixing the business with the personal under one roof - income, funding, tax, bills - and that’s fine. 

But you’re here because you’re thinking about your future.

“Comerford Foley has been a vital part of my business for over 7 years. They are constantly helping me with new ways to do things better. This saves me time and makes my life easier. I trust them completely."

~ Tetyana Zhemerdyey, Glorious Sushi

If you’re in this for the long run, it might be time to separate business from personal

One of the major reasons business owners transfer from Sole Trader to Limited Company is to establish their business as a separate entity. This means your personal assets are protected from any business debts or issues.  

But there are more advantages. 

Consider the transfer if you want to:

  • Minimise your tax burden - Limited companies are more Tax efficient. You’ll only pay 12.5% on your trading profits. 
  • Plan for your future - More scope for pension planning 
  • Give someone a share in your business 
  • Raise funds or borrow money - To get a business loan, grant or other external funding from Government bodies
  • Employ staff - and pay their salaries in the most tax efficient way
  • Claim back business expenses

There are some disadvantages to
forming a limited company:

  • You will have duties as a Director – and you’ll need to be aware of the rules under company law. 
  • It can be more expensive –  You will have more reporting requirements as an established limited company. 
  • Less privacy – Your balance sheet of business is filed with the Companies Registration Office
  • Money is not your money – this protects your personal assets, but does mean that it belongs to the company that you own, not to you personally. 
  • It’s not the best choice for property or investment assets – In most cases. You’ll want to have a chat with us about your best options if you fall in this category. 

Let’s make it a painless transition

How we can help

"For us at Channel Meats it's all about a partnership with Comerford Foley for our growth. They've always got our back. As a family business, this loyalty is not only appreciated but critical to our business growth. When our accountants understand how we think, and are willing to work together with us, it means that everything we do together delivers solid value – the kind that has a direct result on our bottom line. We've been working with them for several years and in that time we have truly found them to be invaluable to our company."
 
~ Ted Murphy, Channel Meats

If forming a limited company is the best choice for you, we want to make it as easy as possible to get it sorted. We don’t want you to miss out on opportunities because you don’t have time to figure it all out. 

With every company formation, we consult an expert Company Formation Agent so you can be confident you have all bases covered. Our fees are set, and payment is electronic and simple.

Some questions you may have in our initial consultation:

  • What will my obligations be as a company director?
  • How do I give someone a share in my business?
  • What services do I need trading as a company?
  • What shareholding should I have in my company?
  • What will my obligations be as a company director?

Some of these we may have already answered in our dedicated blogs

You don’t need to make these decisions alone

 

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