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1. They hired real lawyers ,not fake ones ( Very Important)
2. Formed a separate legal entity ie a limited company.( This concept appears to be very hard to grasp by lets say the less enlightened on this BB).
3. Show the company has some degree of operational independence. ie hire a separate management team . HARL have done this, cant remember the guys name w, who is MD of the project. I also think that he has put some of his own assets into the company , which strengthens the augment of independence.
4. Establish separate physical premises and distinct business operations. separate staff, IT systems, etc. From memory the MD already had a company running and presumably all the above. Another box ticked.
5.Create independent business plans, marketing strategies, and operational policies for the subsidiary.
Its a different type of business, so obviously you would have to do this. We are getting there.
BC You are on a roll..
I imagine its no diff then the set up that allows Thales and Aero to be prime mod contractors.
6. There is no rule 6 (should have been 5 i think, but i have only just remembered the Monty Python joke.( the inability to post humorous things shows a lack of IQ.( a couple of names come to mind )
Thank you Scaff ,I've only got an A level ln law, so I think it would be very simple to organise for REAL lawyers.
7. Keep separate financial records, bank accounts, and financial statements for the subsidiary. Avoid mixing of funds between the parent company and the subsidiary. Once again easily done as the MD merged his company into the operation ( I think).
Ha. That beats my 1B and 2C's in O levels ! (I did redeem myself later though lol just so you know )
I did go to the best school in the world however!
Why ,where you the only boy in a gals school.
(:
8. Make sure that the subsidiary has its own sources of capital and credit, independent of the parent company’s finances.
I think the income from freight and passengers takes care of that one.
Ok the second best school then😜
the School of Hard Knocks
off now and back monday morn to see where this SP will be.!
9. Make sure that all contracts and agreements are in the subsidiary's name. I cant imagine that they wont be.
10. Create intercompany agreements that define the relationship between the parent company and the subsidiary. These agreements should outline the terms of any shared services, management fees, etc. Easily done.
11. Finally ,Consult with a Real legal counsel to ensure that all documentation is thorough and legally sound.
"I assume the poor schmuck who's written that has been taken into care?"
That doesn't sound like lawyers talk to me. Perhaps a Law Clerk at best.
Scilly Isles Ringfenced. Finance on the way. 90% of 2024 forecasted revenue already achieved.