Work together
The nature of many agricultural businesses, often involving family members, makes it very easy to rely on informal understandings and agreements. This common mistake can lead to a great deal of problems and disputes later on, particularly when it comes to partnerships. Having a professional partnership agreement drawn up is the very best way to avoid future conflict. Moreover, having a clearly defined agricultural agreement can help protect future claims of inheritance tax exemptions.
When entering into an agricultural partnership, it is vital that all involved are aware of the structure and detail of the agreement, and that all necessary documentation is complete and appropriately stored. This way, disputes can be avoided and when issues arise, they can be quickly resolved with preservation of the business relationship made a priority.
Partnerships should be formalised by setting out particular details, including
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The contribution each partner is expected to make, including their respective responsibilities, roles, financial investment, and the transfer of any land;
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Which assets are owned by the business, including equipment, land, and intellectual properties;
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How the partnership will function, including decision-making in relation to the business;
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How the partnership can be dissolved in the future, including the division of assets, and the procedures agreed in the event of death or illness.
At Scotts Hall & Birtles Solicitors, we are able to draw upon over 180 years of experience in agricultural law, along with the expertise of our team of commercial lawyers, to ensure that your position and business interests are protected as you enter a formalised agricultural partnership. With extensive local knowledge, and deep, historical ties to the agricultural communities of North Yorkshire, Scotts Hall & Birtles Solicitors are the best team to have on hand for legal advice and guidance.
To learn more about how we can help you with your agricultural partnerships, contact our team today.
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