Agricultural Limited Companies
Although the majority of farming businesses trade as partnerships, an increasing number are opting to run their businesses as limited companies. For example, setting up a company might be the appropriate structure for a family farm whether the older generation want to stop engaging in everyday business but still be involved.
Company status protects the parties against liability for the business debts because the company is regarded as a separate legal entity. It allows for certain parties of the business to be silent and others to be managers and involved in the day to day running. Any change to the membership of the company will not affect its existence. Also, members can be employed by the company to do work.
The disadvantage to the company structure is that it necessitates that certain legal requirements are adhered to e.g. company accounts, meeting requirements etc. Our Rural team can assist with setting up a limited company so that it is not a daunting process and can advise on the aspects of setting up a limited company which are unique to the farming business.
To speak to our expert Rural Services Solicitors in South Wales, please contact your local JCP Solicitors office. We have offices in the following locations:
If there is not a local office to you, contact us on 03333 208644 as we are happy to arrange telephone and video meetings where appropriate. Alternatively, please feel free to email us at hello@jcpsolicitors.co.uk, fill in our online enquiry form, or use our live web chat facility.