At McGovern & Associates we specialise in Sole traders and Partnerships. Our team of experts will help you with all your taxation needs.
As sole trader a business owned by one person. The main advantages of setting up as a sole trader are:
- Total control of the business by the owner.
- Cheap and easy to start up – few forms to fill in and to start trading the sole trader does not need to employ any specialist services, other than setting up a bank account and informing the tax offices.
- Keep all the profit – as the owner, all the profit belongs to the sole trader.
- Business affairs are private – competitors cannot see what you are earning, so will know less about how the business works and how it succeeds.
A partnership is very similar to a sole trader but shares control, responsibility and finances between 2 or more people. The partner or partners would take on full liability for any debts incurred by the business and all profits would be shared equally. Ordinary partners also take on equal responsibility and decision-making in the running of the business. There are advantages and disadvantages to entering into a business partnership.
The main advantages of setting up as a partnership are:
- Business partnerships are relatively easy to establish; make sure time is taken in drafting partnership agreements to avoid future problems.
- With more than one owner, the ability to raise funds may be increased.
- The business can benefit using the knowledge base and experience of all of the business partners.
We invite you to make contact with ourselves on 01-6233760 or to avail of our free consultation to determine the right passage for your business