Once you have done your homework and remain compliant to Government and tax legislation, the following risk factors are easily avoidable.
Companies Registration Office
Registering your business name with the Companies Registration Office (CRO) is mandatory if any individual or partnership carries on business under a name other than their own true name(s).
This makes public the identities of those behind the business name. To register your business name, visit cro.ie.
As a business owner, it is vital that you are fully aware of your tax obligations and register with your local revenue office. Remaining up to date with other statutory requirements such as trading licenses, health and safety policies, planning permission and insurance is also obligatory.
Be aware of your responsibilities under the employment rights legislation.
The Citizens Information office (citizensinformation.ie) provide a lot of important information on the rights of both the employer and employee.
For example, as a self-employed business owner, you may not be protected by all employment legislation. So you need to check this out before embarking on your enterprise journey.
If you plan to take on employees – part time, or full time – it is vital that you provide them with a contract of employment, within the first five days of starting a job. It is important to make yourself familiar with all of the above information and requirements, to avoid the unnecessary risks.
Contact your Local Enterprise Office for a fully comprehensive list of important tasks and documents, that you as the business owner should be aware of.