Hi Daithi69
I agree with ubiquitous. I set up companies for people every day of the week and a lot of people are far too quick to go for the limited company option. From previously working for a large company formation provider, we were always told to push the client towards setting up a limited company, as it means more money to the formation agent than just registering a sole trader.
I am especially of the opinion that you should proceed down the sole trader / partnership route as you and your wife have stated that you are both going to remain in full time employment for the next year.
Register as a sole trader / partnership for the time being. See if the working business is viable and profitable. If in a years time, the business is going well, is profitable and succeeding, i would then suggest perhaps changing to a limited company then. But only if necessary.
The only time its too late to pull back from registering a company is when the company number has been allocated. So if you have paperwork from the formation agent, or if the documents are in the Companies Office at present, but the company is not incorporated, i would instruct the formation agent to pull back your submission. They may charge you an admin fee of €50 or so, but its better than having a limited company that you possibly don't need.