Looking for advice, over 30 years ago my parents started a bus hire company, my father is now retired he is 80 and mother has semi retired she is 72 and still active in the business and I'm going to be taking over the business eventually.
My parents are old school in thinking how the business should be run and I would like to bring the business forward.
The business is busy, we currently have 8 mini buses with 10 employee (mostly part time employee due to Bus Eireann School Contracts)
At present we are in a partnership (3 of us), our turnover last year was 350k, we aren't tax registered. Accounts are completed by an accountant each year and my sister does the payroll each week using the Sage system, raises the Sales Invoices & pay the bills, the business doesn't have its own bank account its currently using my parents current account so all their personal transactions are going through this account.
I have recently got my limousine licence and would like to purchase a car and small 7 seater to do taxi work, airport runs, day trip hire etc. - I have lined up clients already.
I'm trying to figure out where do I start with making changes to the business so it is a properly run business
We have several contracts with Bus Eireann and TFI Local Link but all these are under my parents name rather than the Company Business Name - how easily would these be to changed to the Business name
All loans taken out on the buses are under my parents name - my name isn't on the account - again how can these be changed to the Business Name.
At what stage should we be vat registered.
I have been told a new company needs to be set up if I'm to use the limousine licence as the two business can't work under the same name - is this correct.
I know we have to open new business accounts - should this be easy to do.
Should we consider changing this to a limited Company, what benefits would this bring
Is there any other web pages or places that I can seek advice as I really want to make this business into something and ensure it is all set up correctly.
Thanks You
My parents are old school in thinking how the business should be run and I would like to bring the business forward.
The business is busy, we currently have 8 mini buses with 10 employee (mostly part time employee due to Bus Eireann School Contracts)
At present we are in a partnership (3 of us), our turnover last year was 350k, we aren't tax registered. Accounts are completed by an accountant each year and my sister does the payroll each week using the Sage system, raises the Sales Invoices & pay the bills, the business doesn't have its own bank account its currently using my parents current account so all their personal transactions are going through this account.
I have recently got my limousine licence and would like to purchase a car and small 7 seater to do taxi work, airport runs, day trip hire etc. - I have lined up clients already.
I'm trying to figure out where do I start with making changes to the business so it is a properly run business
We have several contracts with Bus Eireann and TFI Local Link but all these are under my parents name rather than the Company Business Name - how easily would these be to changed to the Business name
All loans taken out on the buses are under my parents name - my name isn't on the account - again how can these be changed to the Business Name.
At what stage should we be vat registered.
I have been told a new company needs to be set up if I'm to use the limousine licence as the two business can't work under the same name - is this correct.
I know we have to open new business accounts - should this be easy to do.
Should we consider changing this to a limited Company, what benefits would this bring
Is there any other web pages or places that I can seek advice as I really want to make this business into something and ensure it is all set up correctly.
Thanks You