As a new entrepreneur (hopefully with a well thought out business plan!) one of the first major decisions you have to make, preferably before you start trading, is what legal form to take. Typically, the choices available are to trade as a sole trader, a limited liability company or a partnership. Each has its own distinct advantages and disadvantages and the merits of each legal form need to be considered carefully.
It is recommended that you take the appropriate advice now from either an accountant, tax adviser or small business consultant in order to thoroughly discuss the right legal form which your business should take and which is advisable for your circumstances.
One useful publication which gives a good outline of these various legal forms as well as providing details of what is required in respect of each is A Practical Guide to Starting your own Business which has been published by AIB. This guide considers and provides information on all aspects of starting a new business including a business plan template, legal, insurance, and financial considerations. Click here to download from the AIB website.