Injecting a partnership business into a limited company

Here is a list of the usual issues  - and in red, indicative fees

• Land  - transfer of freehold (if owned by client, maybe better to grant a lease?) or leasehold       -- a fixed price quote can be given when we know more about the transaction / values  

 

• Transfer of leased equipment and  assets; novation of contracts  -   £175 Per Contract

 

• Revised banking arrangements  - changeover of  loans,  overdrafts, guarantees, factoring, debentures, personal guarantees and charges in support  - £150 per facility / document   

 

• Discharge / replacement of existing guarantees / warranties to landlords suppliers and others  - £150 per guarantee

 

• Complying with TUPE  employment legislation re informing and consulting staff and amended statements of particulars of employment   -  £20 per employee 

 

• Documenting the transfer -  £650 

 

• Tax consequences for transferor and transferee; choice of accountant  - Speak to your specialist tax adviser [or we can introduce to one]. Your regular accountant may or may not have the necessary expertise

 

• Appropriate notification of cessation of partnership  -  by notice , advertisement etc  -       £10 per creditor for notice ; £50 per advertisement + cost [usually 2 ads - gazette and local paper]

 

• Articles of Association of new company   revising [if necessary or desired e.g. to incorporate different classes of share e.g. for motivating key staff ]  - £500

 

• Shareholders agreement to cover not just death but also critical / terminal illness, fundamental disagreements and criminal convictions  - methodology for valuing company , payment terms and timetable  - £750 for 2 shareholder agreement where both parties are of approximately equal age, health, wealth and will be injecting roughly the same amount of time and money into the venture

 

• Directors service contracts  - £250 for first and £100 for second and subsequent provided on same terms    

 

• Policies re Life cover ; critical illness; private medical treatment; directors and officers liability; property; employers liability; public liability  - £75 per policy

ALL AMOUNTS PLUS VAT