Changing Company description

D

doberden

Registered User
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Hi,

I have a company set up for property investment but am no longer in the business. I am now become a dealer for a range of gardening products (including mowers). Can I change the company incorporation details to reflect my new business?

Also, should I really have a company for this type of business or should I be a sole trader?

Finallly, I assume I'll need Public Liability Insurance even as a dealer?

Thanks,
 
To change the objects of a company, you need to amend your Memorandum and Articles of Association. It is usually clause 2 (a) of the objects clause in the Memorandum of Association which specifies your business, eg, investment company, petrol station, etc.

The company will need to pass a resolution and this will need to be lodged in writing (Form G1) along with a revised M&A with the Companies Registration Office.
 
doberden said:
Also, should I really have a company for this type of business or should I be a sole trader?
Click to expand...

Unless you expect your new business to generate significant profits in the short-term, you may well be better off operating this business as a sole trader. Its definitely a lot simpler than using a company, and gives you much greater flexibility both in terms of day-to-day running of the business and making strategic decisions.
 
you should have a chat with your accountant. apaart from tax implications etc you will need to change the name of your company to reflect your current activity.
 
Download a G1Q form on www.cro.ie Fill it out and send it to the Companies Registration Office, along with your memorandum & articles of association. Make sure the memorandum & articles of association have the new name on it.
Send it to CRO with the filing fee of €100 for a paper submission or €50 for an electronic submission. FYI - The electronic G1Q's are faster. I would go back to whoever set the company up for you and request a soft copy of the m&a's. They are easier to amend but be warned, some formation agents will not give an electronic copy.
The only thing to watch out for as well as changing the name on the memorandum & articles of association, is that the share capital is in Euro and that the citation is changed throughout to read Companies Acts 1963 to 2006. If the share capital is in IR£ then do a direct conversion to Euro.

When doing a name change, just know that you cannot change the objects of the company at the same time. The only thing you can change is the name, citation, and Share Capital to Euro. Any changes to the main object of the company must be made by way of a special resolution - G1 form.

Any problems PM me.
 
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