Partnership Agreements
Informal, oral agreements tend to be the order of the day for most farming businesses however this is a risky strategy. For example, if you do not have a written partnership agreement it is possible for any partner at any time to bring that partnership to an end. This could cause huge practical difficulties in terms of frozen bank accounts or the management of livestock.
Every farming business should consider:
- How to minimise tax liability
- How to manage business debts
- Ease of operating the business
- Flexibility should the objectives of the business or its members change
- Who carries out the management responsibilities
- Cost reduction
- Planning for the future
- The best interests of all parties involved
One of the most important considerations should be who owns the assets, their relative values and what happens when the partnership comes to an end. It is easy to forget to consider how to end an agreement when you are positive about its position at the moment. JCP’s Rural team can advise on the most appropriate structure for your business and assist with the preparation of the necessary legal documentation.
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.