When does my company start trading?

[CharlieBarley]

Hi,

I've been operating as a sole trader up until this point. Today I opened a business bank account, and last month I incorporated a limited company.

My question is: at what point does my company start trading? Because right now, I'm assuming it hasn't because I haven't transferred the ownership of the websites (my business is running revenue-generating websites) to the company. They are still registered - the domain names, I'm talking about - under my personal name.

So, the moment I change the domain registrant details, is that the moment I will be deemed to have started trading?

 

[StevensOnln1]

The point when the company begins trading is generally when the company beings to sell something. If you a transferring from an existing sole trader business then you can just choose whatever date you like to transfer everything over. You'll need to ensure that all sales invoices/receipts give details of the limited company once it is trading.

 

[CharlieBarley]

OK. So you say sales invoices/receipts need to give details of the ltd company once it is trading. The companies that pay me simply send the money to a PayPal email address (a personal email address). But the email address is attached to the PayPal business account. Is this OK?

As an aside, I don't raise any invoices. I simply get paid what I am owed (the companies track what I am owed themselves - I am an affiliate).

 

[StevensOnln1]

You'll need to open a new PayPal account in the name of your company. If you aren't issuing any invoices then presumably the companies paying you are operating self billing and creating their own invoices so you will need to get them to change this to reflect the new company.