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Laura is joined by partner Laurie Hill to discuss the various business structures used in farming, including sole traders, partnerships, and companies. They explore the implications of each structure on liability, tax, ownership, and control, as well as the importance of partnership agreements and succession planning. The discussion also touches on the impact of digital transformation in farming and the necessity of having early conversations about business structures to ensure they align with family dynamics and commercial goals. Finally, they address exit strategies and the complexities involved in transitioning out of a family business.
Beyond the Barn, the Business of Farming. This special farming mini-series is hosted by Laura Clayton, an assistant manager in the farms and rural business team, and in each episode Laura invites a different guest to share their expertise on various business topics affecting the farming and rural community. The series covers a range of subjects including tax, legal matters, succession, and inheritance, aiming to provide insights and tips to those living and working in agriculture.
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This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.
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