Ultimate Incorporation Checklist

  • Leased assets (motor or equipment) to be transferred to new company.
  • Ownership of motor vehicles to be transferred?
  • Any maintenance contracts on equipment to be transferred.
  • Write to all customers informing them of changeover – company name, company number and new tax number.
  • Write to all suppliers regarding the change and that all future invoices and statements should now be to the company. Make sure to monitor this.
  • Update any contracts with both suppliers and customers.
  • New bank account opened in the company name.
  • Old sole trade bank account to be closed.
  • Bank security letters will need to be updated where necessary.
  • New letters of offer for loans and overdrafts will need to be updated.
  • Forward new BIC & IBAN (bank account details) to all customers.
  • Change all signage – premises, van etc.
  • As insurance cover is not assignable, arrangements should be made in advance to make sure cover is in name of new company.
  • Change all stationery :
    • Van dockets
    • E-mail
    • Compliment slips
    • Website
    • Cash sale book
    • Letterheads
    • Delivery dockets
    • Fax sheets
    • Statements
    • Invoices
  • Change all utilities:
    • ESB
    • Bord Gais
    • Telephone
    • Council Rates
  • Inform Revenue of transfer of employment for yourself as a director of the company.
  • Inform all employees of the changeover.
  • Employees are provided with new contracts of employment.
  • Inform Revenue that employees are changing to new company and get new tax credit certificates.
  • Provide all employees with a P.45 from the old sole trade.
  • Change computer software to amend for new company name.
  • Inform computer software manufacturer as name on contract will need to be updated.
  • Re-issue credit of petrol cards in company name.
  • Register company for all relevant taxes.
  • Inform landlord of the changeover. They may be reluctant to change the lease to the company so it will remain in your name.
  • Don’t forget you are now a company director and you will have common law and statutory duties.
  • Look at completing a shareholders agreement if you plan on selling shares in your company.