Restructuring businesses is something that frequently hits the headlines when a business is bought or sold but it is not something that is often considered when there is a marital breakdown.
Sara Plant, Partner and divorce specialist at Peter Lynn & Partners commented, “A family enterprise can be established in many different ways and this will have a direct impact on how the business is dealt with during a marital breakdown. The family business is not shielded from the proceedings, even if one partner has nothing to do with the actual business”.
Sara recommends considering the following situations:
- Wife or husband is added as a director, so they can take a salary, even though they do not attend the business.
- Partner is given some shares, so that they can take dividends.
- A partnership exists but with no formal arrangement meaning that it is automatically governed by the Partnership Act 1890.
Nia Godsmark, commercial law specialist…
Management Buy Outs (MBOs) are in the news again with the announcement that senior staff at TATA Steel Works in Port Talbot are putting together a buyout plan.
Whilst this is encouraging news for both the workers and their families, it needs to be noted that MBOs are not just for large, multi-million pound companies.
MBOs are a great way for businesses of all sizes to plan for succession in particular those businesses that are family run or have a very small team of Directors.
A well structured MBO can make it possible for business owners to have peace of mind that…
One of South Wales’ largest law firms Peter Lynn and Partners has sponsored Wales Minor Counties Cricket (Wales MC).
The team, which was set up to assist aspiring cricketers on their journey to the professional leagues, relies heavily on sponsorship for a wide range of essentials that otherwise would be a major challenge.
Head Coach and ex-Glamorgan Medium-Pace Bowler Darren Thomas commented, “Peter Lynn and Partners have been a key sponsor of the side for a number of years and without their support, the team would have to cover all costs themselves which would make it difficult to run”.
Attracting the best…
Leading Swansea based law firm Peter Lynn & Partners has sponsored one of the most challenging links golf courses in Wales – Pennard Golf Club.
The sponsorship deal sees the law firm sponsor the iconic 17th hole, known to members as ‘Helwicks’ but outside the area as one of the most picturesque Par 5’s in the world.
You may have read in the news that Angela Rippon has updated her will so that her family know her wishes if she develops dementia. The former BBC newsreader, 71, said “the decision was an attempt to take responsibility for her future as anything can just come out of the blue”.
As Solicitors, we manage our client’s best interests before and after the onset of dementia.
Some clients plan ahead, just like a couple that visited our Morriston office last week. The husband had recently gone through a very long, difficult and expensive road in obtaining a Deputyship Order to manage…
2015 /2016 was a momentous year for Peter Lynn and Partners.
Not only did their figures once again hit record levels but the firm grew to over 60 staff, most of them in a relatively short timescale and their development continues.
In August, a merger with the historic Swansea firm of Ivor Evans and Benjamin enabled them to offer clients another branch at the Walter Road site.
In the same month, they opened a new office in Cardiff city centre with Darren Lewis leading the way, bringing an array of commercial property clients and expertise.
The firm welcomed back to Mumbles Stephanie Kift-Harries after her…