How do you know whether to choose a sole trade, partnership or limited company structure for your business? The changes in farming over recent years have made this question much more complicated. Many factors need to be taken in to consideration when making this decision. Traditionally farms have been small family owned businesses which would … Continue reading Choosing the best structure for your farming business
Everyone with an ownership interest in your business must understand who actually owns the property. Misunderstandings can lead to expensive litigation especially when the ‘Three Ds’ arise – Death, Development and Dispute. Lack of planning can also result in unexpectedly high tax liabilities. A simple example would be a farming partnership of father and son. … Continue reading Who Owns The Farm?
Many farm businesses operate a mixed corporate structure. One option is for the farm partnership to have a limited company partner. Often the limited company is owned by the same people as the partnership. The reason for doing this is to use the lower tax rates available to limited companies. Companies pay corporation tax at … Continue reading Business Structures