Starting a Small Business in Ireland-What Legal Steps Do You Need to Take?

good morning one of the regular
questions that I get asked is how do I start a business or rather what do I do
from a legal perspective to start a business one of the steps are educate
and people are most concerned when they ask me this question with the legal or
regulatory steps too many to take what is the bureaucratic stuff involved and
what legal steps as to say people need to take before they start a business
good news is that it’s not too difficult in Ireland from a legal perspective to
start a business or startup a your own enterprise and first thing though you
need to do and there’s a couple of basic steps you will need to consider one is
the structure you’re gonna set up or trade under in the four senses there’s
essentially three ways you can trade or carry on your business even if you’re
doing it on a part-time basis and even if you’re sticking on with your existing
job and you intend perhaps even working from home at the beginning structure
three ways to do sole trader partnership or limited liability company now if
you’re a sole trader you are liable for any debts arising from your activities
so you don’t have any limitation on your liability you’re completely open as it
were to any debts arising now that may not be very significant if you start off
in a very very small way in the first instance but it is something to bear in
mind that you don’t have the benefit of a limited liability situation which
comes with a limited liability company a limited liability company down on the
other hand you could set up a company and trade away and have the benefit of
being a separate legal entity and you have limited liability in other words if
the business goes bad if it goes wrong goes into liquidation goes post then the
limit the liability is limited to the amount of the paid up church
in other words you personally unless you’ve given personal guarantees are not
going to be on the hook for the debts of the company because the company remember
is a separate legal entity and it’s not actually you that throws the money then
in that situation it’s the company so that’s the first thing structure sole
trader partnership or limited company the second thing you’re going to need to
do is register with the revenue equation errs for taxation purposes so you’re
gonna be paying tax either if you’re a limited liability company you’re gonna
be paying corporation tax at the corporation tax rate and if you’re going
to be trading as a sole trader as a partner you’re gonna be paying tax on
self assessment basis but in any event you will need to rather to register with
the Revenue Commissioners for taxation purposes
you’ll also need to consider the VAT situation do you need to register for
VAT and you’ll also need to consider whether you need to register as an
employer how these things can be sorted out very very easily by your accountant
you should have an accountant to give you a hand with this type of thing you
can set up a limited company handy enough there’s plenty of company
formation agents and services out there simply do a google search you’ll go to
any solicitor they’ll be able to help you and you can actually buy a company
off the shelf as well another thing that you might consider is the domain name
that you’re going to use in your business if you have a website and I’d
strongly recommend us I would strongly recommend a country code TLD let’s
top-level domain so that’s a just ie domain and in Ireland the body that
looks after das is the AED or dot ie so go there and have a look and see what
name you want to register as a domain name and register your domain name then
as a daata eak you will need to fill out a form and give some reason as to why
you’re titled a particular domain name but I would if you’re an Irish base
certainly ensure that you get a donna eaves which it will rank better in the
search engines another thing you need to consider is getting some advice from
professional advisors you should also consider going to the local enterprise
offices however and I think there’s a local enterprise office in each County
they have a lot of resources about a hell of a lot of assistance and they’ll
give you good guidance and good information in relation to finance and
so on and so forth so from a legal or regulatory perspective that’s really all
you need to do you can start trading then from an office like this office
here for example you can start sailing obviously from a shop you know if you
take on a lease or a license or you can even start trading from home
particularly if you are setting up some sort of an online business that might be
run or operated from home and you may be looking to spread your risk and restrict
your risk at the first in the early days by maybe staying on in your job and
fortunately running the business as a part-time operation that’s a decision
for yourself to other things however I would advise you of number one is to be
aware of spoofer in other words there will be people who will spring up and
who will offer their services their expert services in particular areas of
activity for example digital marketing or social media marketing you need to be
happy wits about you anybody can claim to be an expert in anything but you need
to be careful that you’re actually getting through expertise from somebody
who is offering you some sort of a service whether it’s Web Design whether
it’s SEO search engine optimization whether it’s online or digital marketing
whether it’s social media marketing whether it’s email marketing whatever it
is just make sure that the are actually expert has to say it’s easy to claim
that you’re expert and those industries are particularly easy to move in and
move out of and claim expertise so beware of spoof errs and charlatans
there’s a lot of them out there the people who genuinely know what they’re
doing with people who practices and cuyahoga
execute and strategies on a daily basis and
build a business on the basis of their ability to market themselves on their
business online unders other people who don’t who talk a good game was in fact
have no experience of actually getting down there and down and dirty with the
likes of Facebook advertising YouTube advertising YouTube development brand
building Instagram social media marketing generally email marketing and
so on so to say beware the spoof errs second thing I would and second tip I
give you is to work that matters what I mean by that is when you’re starting a
business you’re gonna need to generate customers and clients and you’re gonna
need to generate revenue cash is king they say that in the land of the blind
the one-eyed man is king huh well in business cash is king and you need to
generate customers but you need to generate clients but to go back to my
second tip do well that matters what I mean by that is don’t get carried away
or distracted by looking at stuff like metrics that don’t matter
in other words likes and shares and nominations for awards if they’re
especially is a making of awards and so on don’t amount to a hill of beans if
you’re not generating clients generating customers generating revenue that’s how
you grow your business so be very very intentional and be very discerning about
doing work that matters and work that looks like it looks good but it’s
basically shallow and ephemeral and will not really help you to build your
business I hope you find this video useful if you do you might give a thumbs
up down below and thank you for your attention thank you for your support
on my youtube channel as well

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3 thoughts on “Starting a Small Business in Ireland-What Legal Steps Do You Need to Take?

  1. Great video Terry. Will get in contact with you some time in July or August about incorporating my online businesses.

  2. Would love if you did a video on photography law as rumour has it garda going to try ban from filming them in public do we have the same photography rights as the UK.

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