Irish Company Law

Question 3

Sam is a talented young potter who produces handmade plates, cups, and other dinnerware. At present, Sam works on his pottery alone and mainly at weekends as he has a fulltime job as an accountant during weekdays. He is looking to expand his pottery business, which currently has annual profit levels of 5000. A fellow potter,

'Marco, has approached Sam with an offer to form a partnership with him so as to enable the two to work fulltime as potters. Sam is unsure if this is the right business decision for him as he is unfamiliar with the various alternative corporate forms available under Irish company law.

Advise Sam on the various types of corporate forms available under the Companies Act 2014. In doing so, discuss the benefits and disadvantages of remaining a sole trader, and the benefits and disadvantages of moving to a partnership or other corporate form.

Question 3 Sam is a talented young potter who produces handmade plates, cups, and other dinnerware. At present, Sam works on his pottery alone and mainly at weekends as he has a fulltime job as an accountant during weekdays. He is looking to expand his pottery business, which currently has annual profit levels of 5000. A fellow potter, Marco, has approached Sam with an offer to form a partnership with him so as to enable the two to work fulltime as potters. Sam is unsure if this is the right business decision for him as he is unfamiliar with the various alternative corporate forms available under Irish company law. Advise Sam on the various types of corporate forms available under the Companies Act 2014. In doing so, discuss the benefits and disadvantages of remaining a sole trader, and the benefits and disadvantages of moving to a partnership or other corporate form