Business Name Registration
Business name registration is required where; (a) an individual uses a business name or business names which differs in any way from his/her true surname. It makes no difference whether the individuals first name or initials are added. So registration of a business name is required if, for example, Mr. John Murphy traded as Murphy Builders but not if he traded as Murphy or John Murphy);
(b) a firm uses a business name which differs in any way from the true names of all partners who are individuals and the corporate names of all partners which are bodies corporate;
(c) a company uses a business name or business names which differs in any way from its full corporate name;
(d) a person having a place of business in the State carries on the business of publishing a newspaper.
Source: Companies Registration Office
Business name registration of itself, affords no protection whatsoever in terms of limitation of liability e.g. as in the case of a private limited company or with regard to protection of the business name being registered. No business name search is made either by Business &amp; Company Formations.
One of the simplest types of business concerns to run is that of a single person, one-man/woman-firm. Such business enterprises are called sole trader/ proprietorships. A sole trader provides the capital for his firm, he/she makes all the decisions and is personally liable for all legal actions and debts. His/her liability is unlimited; if the business fails, debtors can call upon his/her private assets and even the family home. The profit the sole trader makes belongs solely to the individual. It is effectively his/her salary as well as the interest on his/her capital (assuming the firm is making profits). A sole trader business structure is one where the business i.e. the owner operates in his/her own name without having chosen to register a limited company and or become engaged in a business partnership.
The characteristics of and requirements for a sole trader are that the person:
(a) is legally obliged under the Registration of Business Names Act to register the business name under which he/she is trading if such trading name is not carried on under his/her own name (b) is legally obliged to register as a sole trader for tax purposes with the Revenue Commissioners and (c) will be operating his/her business concern with full and total personal liability and responsibility for any an all outstanding debts, charges, fines and or litigation matters that the business may incur from time to time and or at the time of business closure.