Hi
Tax & Legal advice on demergers and reorganisations of Private Limited Company
We have a small family business with 4 shareholders , my mother as the major shareholder and my 2 sisters and myself as equal shareholders
It is an Limited Investment Company with a Portfolio of Shares and Funds managed by Canaccord and the accounts are done by a small firm of accountants
We want to look at the best way to split the company between the three of us with my mother retaining some herself for income. Or, perhaps having 3 companies with my mother having an interest in each........advice required but part of the reason of doing this now is inheritance planning
With Tax being a central factor in how the reorganisation is structured consideration needs to be given to tax planning to reduce the risk of significant tax liabilities to the business(s) and its shareholders.
Our main goal is to reorganise the business and spilt the assets on a tax neutral basis whilst at the same time not triggering any tax liabilities for shareholders
I believe there maybe tax reliefs available for the participants that can be take advantage of but this depends on the route chosen for the demerger / reorganisation
I hope this gives an outline what we are looking to do and I am looking for pointers required to ensure compliance and avoiding any unnecessary pitfalls that I should be aware of ar an early stage
Look forward to hearing from those who may have done similar
Cheers
Roy
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