Incorporating a business – advantages and considerations

In the current climate, the idea of carrying out a business through a company has become topical in response to increasing income tax and health levy rates, the imposition of the Universal Social Charge and changes to the pension regime.

Forming a company has obvious taxation advantages but also the advantage of limited liability and succession planning.

Prior to setting up a company, it is important to consider:

  • The assets of the business being transferred.
  • The income streams which may be in the company to benefit from lower company tax rates; and
  • The nature and structure of the company entity through which certain services will be conducted;
  • Employees having terms and conditions transferred by undertaking.
  • Dealing with insurance, suppliers, customers and the Revenue Commissioners.
  • Additional compliance obligations.
  • Looking out for opportunities that may arise through the incorporation process.

For further information please contact Mark Butler

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