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

Persuading With Story-How to Persuade Effectively The Hotel Swing Fall Personal Injury Case-a Vital Reminder About Proving Negligence Civil Claims: What to do in Court (Tips and Information) Sole Trader, Self Employed or Limited Company LONG FB Live Video: Questions You Should NEVER Answer at Trial In a Civil Lawsuit Here in New York; Involuntary Resignation - Standing Up, Not Giving Up, To An Intolerable Situation At Work How to speak so that people want to listen | Julian Treasure The Seven Timeless Truths about Human Resources Seven Steps to Cross Examination Guardianship vs. Power of Attorney: What You Need to Know