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Farm Business
Agricultural Matters
farming partnership agreement
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<blockquote data-quote="7810s" data-source="post: 5167032" data-attributes="member: 8090"><p>I have been farming with my parent's full time for 22yrs now. We looked into and had a basic draft agreement drawn up back in 2000 but nothing was ever finalised. I am currently running the farm and doing all the work etc We have been trading and are recognised with the Inland Revenue and RPA as running the business as a partnership. The accounts are worked out at a third share each. </p><p>We are tenant farmers running three seperate tenancies, of which 2 are in my fathers name and the third between me and him.</p><p>I just wondered if anyone knew if we needed a legal partnership agreement drawing up and what the benefit of one would be? </p><p>I have asked a solicitor and he thought it would be useful, but me being cynical didn't know if he just wanted the work as it was going to cost a bit!</p><p>Thanks</p></blockquote><p></p>
[QUOTE="7810s, post: 5167032, member: 8090"] I have been farming with my parent's full time for 22yrs now. We looked into and had a basic draft agreement drawn up back in 2000 but nothing was ever finalised. I am currently running the farm and doing all the work etc We have been trading and are recognised with the Inland Revenue and RPA as running the business as a partnership. The accounts are worked out at a third share each. We are tenant farmers running three seperate tenancies, of which 2 are in my fathers name and the third between me and him. I just wondered if anyone knew if we needed a legal partnership agreement drawing up and what the benefit of one would be? I have asked a solicitor and he thought it would be useful, but me being cynical didn't know if he just wanted the work as it was going to cost a bit! Thanks [/QUOTE]
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farming partnership agreement
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