An Introduction to Farming Partnership Agreements

Introduction

It has been estimated that about 40% of farming businesses are run in a partnership structure. Often there is no partnership agreement or the partnership agreement is significantly out of date.

In the case of Ham v Ham Lord Justice Biggs observed:

'It is an obvious problem in relation to farming partnerships, where the land forms an asset of the firm. It is hoped that, in future, those preparing such agreements will take note of the anxiety, expense and delay which such unnecessary uncertainty can cause'.

This webinar will consider the unique nature of the farming business and the special considerations that need to be taken into account when taking instructions and preparing the new farming partnership agreement.

What You Will Learn

This webinar will cover the following:

• The challenges in the nature of farming
• Dealing with income profits and losses in the farming business
• Management of the farm - where delegation to the working farmer may be required
• How farmland can be owned and occupied by a farming partnership
• The Land Capital Accounts & how the partnership accounts should reflect them
• The withdrawal of land from the partnership
• The position of the farmhouse
• Banking arrangements and farming partnerships
• The death of the farmer & the position of the personal representatives
• The capital tax issues and the farming partnership
• SDLT & the partnership

This webinar was recorded on 12th September 2017