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
- 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.