by Neil Gaynor, Gaynor Consulting
There is much debate presently as to merits of incorporating a business (i.e. Trade as a Limited Company). Many Directors of Companies have had to give personal guarantees to financial institutions, thereby reducing or eliminating the benefits afforded by limited liability. However overall there are still more positives than negatives in operating as a limited Company.
Here are the main advantages and disadvantages of Incorporation.
• Limited Liability
• Lower Tax charge
• Pension planning advantages
• Motor & Travel expenses for employees (Civil Service rates)
• Potential extraction of surplus money at retirement
• New ventures may qualify for start up exemption (3 Years)
• Higher annual administration and compliance costs
• Close Company tax surcharge
- Investment Income
- Service Companies
• Additional responsibility for Directors
Neil Gaynor & Company, Chartered Accountants, provide Accountancy, Business Advisory, Tax, Training & Mentoring services to small business. For further information and a free consultation contact Neil Gaynor on 071-719144366
E-mail: firstname.lastname@example.org http://www.neilgaynor.ie/