Looking at a small business. Maybe farang orientated small restaurant or shop? I don't intend on out laying huge money so capital of a million baht and employing 3 or 4 thais (apart from.girlfriend) will be out of the question. Is there anyway I can have the business in my name to protect myself or even be permitted to work in the business under those circumstances?

You can't own more then %49 of the business (in most cases) and you're allowed to work in the business assuming:

1. The job you're is not a job reserved for Thai nationals only
2. You have registered capital of 2 mil baht (or 1 mil baht if you're married to a Thai national, in most areas). This is registered capital only and you're NOT required to have this amount in a bank account (but you're Thai partners will likely be required to show they have 25% of their share in a bank account somewhere, at least this was the case with our company)
3. You meet the requirements for the number of Thai employees (usually 4, 2 if married to a Thai national). Depending on where you're located, the labour department might not enforce the Thai employee quota for the first year, or two, in case of a newly registered company