Starting up a new business is an exciting venture, however, it does require the necessary legwork to ensure that it is a legal entity and to prevent any future mishaps from befalling you or your business. When you are considering starting a business in Ireland, there are many things that must be taken into consideration beforehand as different businesses have different regulations and support applied to them. You also need to consider the entity you would like to register.
Sole Trader or Partnership
A Sole Trader or Sole Proprietor Entity is one of the easiest to set up, however, should the business fail, you are personally responsible for the debts incurred by the company. Your assets could be seized and sold to settle outstanding creditor debts. You have an important obligation, in this scenario, to register yourself with the applicable Revenue service, as a self-employed person. A partnership involved two or more members who have agreed to run their business under a partnership of the parties. The agreement between the partners should be a legal document which is drawn up by a solicitor. While partners are all responsible for the daily running of the operations, they are also all liable for the debt should the business fail.
In order to effectively operate any business, employees are required to undertake a variety of tasks. A registered business should always ensure that their employees are registered, through the company, with the proper taxation authorities. The employees should be provided with a contract of employment which covers both yourself and the employee from any misunderstandings. The rights of the employees in the workplace and their health and well-being should be put first according to the law. Besides the law, if you want a successful team, you need to create and environment that is conducive to productivity and harmony.