In our previous blog ‘Business structures – the risks of getting it wrong – part two‘, we explored a range of structures you could use to set up your business. These included sole traders where you could be your own boss, receive the profits but be personally responsible for all the trade’s losses. We also discussed partnerships, where two or more partners can agree to share profits and losses and again be personally liable for all such losses.
Welcome to the first in a series of blogs prepared by BLM’s Commercial Litigation team that will take you through the life cycle of a company from the beginning until the end. Each blog will focus at a different stage such as forming a business and the different options available, making an impact in the business world to potentially getting ‘divorced’ in a partnership and parting ways. Our experts’ advice and knowledge will help guide you to understand and deal with litigation risks.
Whilst we live in a progressively technological world, where e-signatures, video calls and social media notifications are fully enshrined in daily activity, it is essential to remember that legal documents carry a solemnity and consequent requirements for formality that contain traps for the unwary. This was very much in evidence in the recent case of Katara Hospitality v Guez, which provides useful insights into deeds, powers of attorney (POA) and personal guarantees.
‘‘Prorogation of Parliament’’ – How many times have you heard this phrase lately? The answer is probably a lot, and almost certainly in relation to Brexit. But did you know that the prorogation of Parliament is also impacting family law?
What is LIBOR?
The London Interbank Offered Rate is a benchmark interest rate that forms the basis of trillions of pounds’ worth of financial instruments across the world. It is derived from the interest rates at which banks are willing to lend money to each other and is calculated with reference to the pool of rates submitted daily by panel banks. However, the well-publicised rigging scandal that occurred following the 2008 financial crash has in-part contributed to the growing feeling of discontent with the current system and led to the head of the Financial Conduct Authority, Andrew Bailey, announcing in 2017 that LIBOR would be phased out and replaced in 2021. However, LIBOR is an ingrained reference point throughout the financial world and is not something that can be amended without consequence.
It is perhaps the most persistent of all myths and is widely believed to be fact by an astonishing number of people. It almost trips off the tongue too easily, “But you’re surely a common law wife after 20 years of living together…” The simple and sometimes the often hard answer is, “No”.
A nuptial agreement, either a pre-nuptial agreement or a post nuptial agreement, can be entered into by the parties to a marriage to set out what will happen in the event of a divorce. There are many obvious advantages, such as to protect pre-acquired assets and to establish certainty, insofar as it is possible, in the event of divorce. Of course agreeing such matters when both parties are on the same page usually reduces legal costs and acrimony if the marriage does not survive.