What is a Partnership?

A partnership is a collaborative business structure where the profits from the business are shared among the individuals within the partnership. This business structure is commonly used amalgamate two family farms to create a larger business or as a transition arrangement to gradually introduce a successor to the family farming business.

Partnership
Partnership

Partnership Considerations

Partnership

As with any business structure, it is important to weigh up the advantages and disadvantage to ensure it is the correct structure for your business at this time. Important to considerations are:

  • Reason for Partnership
  • Who will be in the partnership
  • Timing
  • Tax Implications
  • Partnership Agreement
  • CAP
  • TAMS II
  • Young Farmer Scheme
  • Accounting Structure