A. Some of the main things that you need to consider would be the following:
- You will need to close bank accounts relating to the sole trade/partnership and open a new account in the name of the new limited company.
- Update any standing orders/direct debits you have in place for the new bank account details
- You will need to register the new company for taxes, i.e. corporation tax, VAT, PAYE.
- Ensure that all business stationery is updated, in particular new company letterhead which will include new limited company name and the correct VAT number.
- Notify all suppliers of the change to a limited company and ensure that all purchase invoices are issued to the new limited company name.
- If you employ staff in your sole trade/partnership these staff will need to be transferred over to the limited company. You will need to ensure you issue each employee with a contract of employment under the new limited company, provide each employee with a P45 from the sole trade/partnership and register them with Revenue as employees under the new limited company
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