Online Store - New LTD company or use my current one
Discussion
Hi All....
In an attempt to become less dependant on IT Contracting for a living, I am in the process of starting up an Online Store with the misses. The intention over the next few years is to build a suite of stores selling a range of targeted products. Each one might only sell a bit but wth half a dozen of them it might become a worthwhile amount.
My question is, should I register a new Ltd company, new bank account, register for VAT etc, or can I just the current Ltd business that I use for IT instead. This would mean I could use the my current account and Vat registration.
The articles of incorporation state the business is a IT consultancy but also say I can doing anything basically that makes money?
So in short, new Ltd compnay or current one?
Cheers,
Super7.
In an attempt to become less dependant on IT Contracting for a living, I am in the process of starting up an Online Store with the misses. The intention over the next few years is to build a suite of stores selling a range of targeted products. Each one might only sell a bit but wth half a dozen of them it might become a worthwhile amount.
My question is, should I register a new Ltd company, new bank account, register for VAT etc, or can I just the current Ltd business that I use for IT instead. This would mean I could use the my current account and Vat registration.
The articles of incorporation state the business is a IT consultancy but also say I can doing anything basically that makes money?
So in short, new Ltd compnay or current one?
Cheers,
Super7.
Super7, legally you can probably use the current one (absent any restriction in your memorandum and articles or any shareholders agreement).
You just need to think about how much of a punt the new business will be, or how likely the IT side is to wither - you may prefer to have 2 separate companies so that if, god forbid, one goes belly up, the other business doesn't go down with it.
You just need to think about how much of a punt the new business will be, or how likely the IT side is to wither - you may prefer to have 2 separate companies so that if, god forbid, one goes belly up, the other business doesn't go down with it.
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