Our team of specialists advise on all issues relating to farming partnerships.
With its inherently flexible nature and the lack of formalities required for its creation, partnership is the natural business model for many farming family businesses.
From formation to dissolution, and covering everything in between, we are able to advise farmers and landowners on the implications of running their businesses through a partnership structure. Our advice includes how farming clients can best structure a partnership agreement in order to provide for a suitable framework for the family business, and to enable a smooth succession from one generation to the next in a way which protects that most valuable of assets, the family farm.
We assist in structuring clients’ partnership agreements in such a way as to maximise relief from Inheritance Tax in respect of assets which may otherwise be vulnerable on the death of a partner, and we work closely and collaboratively with our clients’ accountants and other professional advisors to achieve this.
We also provide advice when relationships between partners sour. We have specialist lawyers who can help those clients who find themselves in a dispute with their business partners, or those who simply want advice on how best to retire from the family business in such a way that enables the partnership to continue without them.
We also advise clients on the advantages and disadvantages of them adopting alternative business structures for their farming businesses, from limited companies to LLPs, along with the tax implications of converting from one to another.
We regularly produce and advise upon:
- Partnership Agreements with specific Land Capital Accounts
- Deeds of Variation
- Deeds of Admission
- Deeds of Retirement
- Deeds of Assignment of Partnership Share
- Partition Agreements
- Deeds of Dissolution
For more information, please contact a member of the Agriculture Team.