Skip to Main content

Search results for ''...


Sorry, there were no results

Get In Touch

By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

Newsletter Sign Up

General Private Client UpdatesGeneral Commercial UpdatesConstruction UpdatesCourt of Protection UpdatesAgriculture & Rural Affairs UpdatesCommercial Property UpdatesEmployment UpdatesDispute Resolution UpdatesCorporate & Commercial UpdatesCharities & Not for Profit UpdatesFood & Drink UpdatesEducation UpdatesTransport & Logistics UpdatesFamily Business & Owner Managed Businesses Updates

I agree to be ‘opted in’ to receive Thomson Snell & Passmore newsletters, event invitations and other publications that are related to the subject matter of this event or my industry sector. I understand that this means they will send me these communications by email

I agree

If you want to update what types of information you want to receive from us, or if you wish to stop receiving these communications, you can do so ay any time using the following link: or emailing us at .

We respect your privacy, information you submit to us will be treated in accordance with our & .

Get In Touch

By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

Newsletter Sign Up

General Private Client UpdatesGeneral Commercial UpdatesConstruction UpdatesCourt of Protection UpdatesAgriculture & Rural Affairs UpdatesCommercial Property UpdatesEmployment UpdatesDispute Resolution UpdatesCorporate & Commercial UpdatesCharities & Not for Profit UpdatesFood & Drink UpdatesEducation UpdatesTransport & Logistics UpdatesFamily Business & Owner Managed Businesses Updates

I agree to be ‘opted in’ to receive Thomson Snell & Passmore newsletters, event invitations and other publications that are related to the subject matter of this event or my industry sector. I understand that this means they will send me these communications by email

I agree

If you want to update what types of information you want to receive from us, or if you wish to stop receiving these communications, you can do so ay any time using the following link: or emailing us at .

We respect your privacy, information you submit to us will be treated in accordance with our & .

  • Overview

    For the past year, Kent based brothers Thomas and Steven Parks have been manufacturing and selling a range of Mexican style cooking sauces. The business is called MexxaMixx and is currently being run out of Thomas’ home.

    Due to the growth and success of the business, Thomas and Steven have decided to set up a company. To ensure they have the right business structure they have come to us, at Thomson Snell & Passmore, for advice.

    Structure

    We advised Thomas and Steven that there are two types of business structure that would apply to them and their business. The first is a partnership and the second is a private limited company.

    At the moment Thomas and Steven are in a general partnership. These are formed automatically when two or more individuals enter into business together with a view to making a profit. As the arrangement currently stands Thomas and Steven are jointly and severally liable for the business’ debts. To protect themselves against creditors, they may want to enter into a limited liability partnership (LLP). Members of an LLP have limited liability in that, generally, they do not need to meet the LLP’s liabilities.

    The alternatives to a partnership would either be a private company limited by shares or a private company limited by guarantee. The difference between these two is:

    • A private company limited by shares limits the liability of the shareholders to the amount they have agreed to pay for their shares in the company.
    • Members of a company limited by guarantee undertake to contribute a financial sum in the event of the company being wound up.

    Thomas and Steven explained to us that they would like their wives, Tamara and Sofia, to own part of the new company. In conjunction with the brothers’ accountant, who was providing the necessary tax advice, we advised Thomas and Steven that they should incorporate MexxaMixx as a private company limited by shares. This will make it easy to identify the percentage of ownership held by each of the brothers and their wives and will limit their potential exposure to liability.

    Thomas and Steven instructed us to incorporate MexxaMixx Limited, a company limited by shares.

    Article first published on 9th January 2015 in the Kent & Sussex Courier.

  • Related Services

    Commercial

    We draw on our extensive legal, commercial and industry expertise when working with you to achieve your strategic objectives.

    Corporate

    Our award winning team of corporate lawyers provide highly practical advice to help businesses of all sizes develop and grow.    

Get In Touch

By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

Newsletter Sign Up

General Private Client UpdatesGeneral Commercial UpdatesConstruction UpdatesCourt of Protection UpdatesAgriculture & Rural Affairs UpdatesCommercial Property UpdatesEmployment UpdatesDispute Resolution UpdatesCorporate & Commercial UpdatesCharities & Not for Profit UpdatesFood & Drink UpdatesEducation UpdatesTransport & Logistics UpdatesFamily Business & Owner Managed Businesses Updates

I agree to be ‘opted in’ to receive Thomson Snell & Passmore newsletters, event invitations and other publications that are related to the subject matter of this event or my industry sector. I understand that this means they will send me these communications by email

I agree

If you want to update what types of information you want to receive from us, or if you wish to stop receiving these communications, you can do so ay any time using the following link: or emailing us at .

We respect your privacy, information you submit to us will be treated in accordance with our & .

^
Jargon Buster