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Corporate law

Corporate law. Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm. Company Setup.

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Corporate law

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  1. Corporate law Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm.

  2. Company Setup • If you are thinking of starting a business there are a number of issues you need to consider. Different supports and regulations apply, depending on your particular situation. You may be employed, unemployed or someone who is coming from outside Ireland to set up a business.

  3. Legal Structures • You can set up a business as a sole trader, as a partnership or as a limited company. The type of structure you choose depends on the kind of business you are running, with whom you will be doing business and your attitude to risk.

  4. Sole Trader • It is relatively simple to set up as a sole trader but if your business fails, your personal assets could be used to pay your creditors. Your main legal obligation is that you must register as a self-employed person with the Revenue Commissioners (see ‘Tax and PRSI’ below). If you wish to use a business name you must register your business name with the Companies Registration Office.

  5. Partnership • : It is relatively simple to set up as a sole trader but if your business fails, your personal assets could be used to pay your creditors. Your main legal obligation is that you must register as a self-employed person with the Revenue Commissioners (see ‘Tax and PRSI’ below). If you wish to use a business name you must register your business name with the Companies Registration Office.

  6. Limited Company • : It is relatively simple to set up as a sole trader but if your business fails, your personal assets could be used to pay your creditors. Your main legal obligation is that you must register as a self-employed person with the Revenue Commissioners (see ‘Tax and PRSI’ below). If you wish to use a business name you must register your business name with the Companies Registration Office.

  7. Tax and PRSI • How your business is taxed depends on whether it is incorporated as a company. If it is a company then it is liable for corporation tax. New companies may get tax relief on the first 3 years of corporation tax. From 2011 the value of the relief will be linked to the amount of employers’ PRSI paid by a company in an accounting period subject to a maximum of €5,000 per employee.

  8. Legal Obligations • The main legal obligation when becoming self-employed is that you must register as such with the Revenue Commissioners. You must keep accounts which record: • •All purchases and sales of goods and services and • •All amounts received and all amounts paid out • You must keep supporting records of the above such as invoices, bank and building society statements, cheque stubs, receipts etc.

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