Today, I finally went ahead and registered a private limited company.
I also went out and got myself an excellent accountant.
I must say that doing both things were incredibly simple, but perhaps that’s because my accountant is a really, really nice guy (who is also excellent).
It’s a really funny feeling to know you’re the director of a business. Right now, it doesn’t really mean much but a decent number of bureaucratic responsibilities if I start moving money in and out of Market West Ltd. But nonetheless, it’s cool.
One of the benefits is already starting to pay off. I made several calls today to people, and the effect of having a company is clear; it gets you much more respect.
You’ll already see that Buster Tests and Market West have been updated with “Market West Ltd.”
I’ve got a meeting with a business manager at a bank tomorrow which should be interesting - I’m hoping they’ll open up an account for me no problems (they’ve said they will). I’ve not got a formal business plan (nor do I wish to waste time developing one), but that seems to be alright as I’m not borrowing at all, ever. Banks seem to like that.
After I get the bank account sorted out, and move some money into the business, the fun can begin!
Bouncing ideas
Of course when I develop this little app, as usual, I’ll want as many people as possible who use the Internet to bounce my ideas off of, and to test it, etc. If you’re up for that then please do leave a comment because you’ll be very helpful!
I’m really looking forward to making this thing.
Hey Fintan. Turning yourself into a proper company is excellent! It’s something I’m considering when I develop my new web application but I just don’t understand the process or the cost. Is there any good resource you used?
Anyway, I’d be happy to help beta test or be someone to bounce ideas of so feel free to email me with anything.
There are loads of good sites out there rammed with information, especially Business Link which is done by the Government (and is very thorough).
I would consider it carefully - I’m doing it because it gives me legal and financial indemnity (just in case I get sued, etc.) and because it also gives me more weight when it comes to winning clients and getting business things done.
The fees my accountant is charging me to do the start-up I have a feeling are relatively mild, and you may be better off classing yourself as a sole trader and going down that route.