It is most important to get the right advice when starting up your own business, to decide the best legal structure for your business be it a limited/unlimited company or self-employed.

You will need advice on the various taxes applicable to your business.

At Geraldine Mallon & Co. Limited we have years of experience advising clients in business start-ups to help you start off and develop your business successfully.

We can outline the steps involved in starting a business, the time-frame for registrations, finance facilities available for the establishment of new businesses or expansion of existing ones.

You need to consider the following advantages when making your decision whether to form as a limited company or be  a sole trader /partnership:

• Low corporate tax rates of 12.5%.
• Limited liability protection– Shareholders in a limited liability company are only liable to lose the share capital they subscribe. For sole traders and in partnerships, the individuals personal assets are at risk if there is a claim against the business.
• Increased company pension scheme planning can be secured through a limited company.
• A limited company can raise finance by the issue of shares.
• Ownership of a limited company can be spread over a greater number of people, this can add disposal or part disposal of shares.
• There may be a greater degree of business credibility of trading through a limited company.
• Protection of the limited company name from use by another limited company.

Disadvantages:

• Higher administration costs.
• Increased legal obligations.