Opening a Thai company with the wife. Advice needed

[advancebooking]

Currently we operate a very successful business via my wifes personal name. She pays taxes 6 monthly. 

 

Our accountant is telling us it might be a good time now to open a company. We know that we will not have to register for VAT as such bc of our business is in the category of being excluded for this revenue as stipulated by the Rev Dept. I already have a WP and would like to continue with this using the new company structure. 

 

I think our accountant is going to do the best thing for my wife and not necessarily be concerned for me. Therefore I wanted to ask what type of company should we set up

Is a 'Limited Partnership' possible?  51% shares to her. 49% to me? Or a standard Thai Ltd company? Whats the difference?

 

Re registered capital... Whatever this is set at, do we have to have this in a bank account for a week or 2 whilst its being set up? How does one determine the amount of this. 

If we have a legal liability issue down  the track, does it mean that our customer can only sue us for this registered amount?  I read this comment.  ''Using a limited company – either co. ltd. or partnership ltd. – one limits the responsibilities to the company's accumulated funds and shareholder capital. Mind you, that if the nominal shareholder capital is not fully paid to the company, you're personally liable up to the full nominal amount.''   What does that mean exactly if the shareholder capital is not fully paid to the company?

 

Finally, what happens if my marriage goes south. If we divorce is it easy to take my name off the company? Am I correct in thinking that having 49% share is beneficial (as opposed to not having a company structure for the business) in the case of a divorce settlement. It would show that she would have to buy me out?

 

If we have a company structure does our staff have to register and pay taxes to the revenue? We already pay SS for all our 6 staff. 

 

 

 

thanks

[FritsSikkink]

If you have a very successful business hire a lawyer who can help you and your wife with setting up the company and answer all your questions before doing so.

[MalcolmB]

Registering a company comes with a lot of stricter rules and compliance.

 

What do you think the benefits of having the business in a company structure to you are?

[advancebooking]

8 hours ago, MalcolmB said:

Registering a company comes with a lot of stricter rules and compliance.

 

What do you think the benefits of having the business in a company structure to you are?

paying less taxes.