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Farm Partnership or Wage

  • 19-01-2017 3:10pm
    #1
    mickey1985
    Registered Users, Registered Users 2 Posts: 267 ✭✭


    Guys just wondering from people who are working at home with their father is it better to go into partnership or just take a wage.My father is offering me a wage matching my current full time off farm income but I'm more interested in a partnership not that there seems to be a lot of hassle with this.I have my green cert.All opinions welcome thanks


Comments

  • #2
    Icelandicseige
    Registered Users, Registered Users 2 Posts: 452 ✭✭Icelandicseige


    Start with the wage and look into partnership in a couple years


  • #3
    Mooooo
    Registered Users, Registered Users 2 Posts: 8,611 ✭✭✭Mooooo


    May be no harm to talk to the accountant about which would be best, partnership with
    May allow to split profits and keep tax at the lower marginal rate but a wage may do the same. Your accountant would be best to go through yer situation


  • #4
    GrasstoMilk
    Registered Users, Registered Users 2 Posts: 4,243 ✭✭✭GrasstoMilk


    Benefit of the partnership is 5k tax credits for first 5 years and your eligable for 60% young farmer grants.
    Is he willing to give you an equal say?


  • #5
    jezzer
    Banned (with Prison Access) Posts: 2,030 ✭✭✭jezzer


    surely if he is wanting you at home the farm is going to end up with you anyway? can you take the wage and get your own heard number also?


  • #6
    mickey1985
    Registered Users, Registered Users 2 Posts: 267 ✭✭mickey1985


    Yeah he is open to either option but the wage is probably easier to implement so that's why his preference is for that.I presume the grants don't apply for work on existing buildings does it?


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  • #7
    ganmo
    Registered Users, Registered Users 2 Posts: 7,748 ✭✭✭ganmo


    mickey1985 wrote: »
    Yeah he is open to either option but the wage is probably easier to implement so that's why his preference is for that.I presume the grants don't apply for work on existing buildings does it?

    Partnership means he has to work with you and you work with him
    Employee you will be working for him.

    It all depends on which you and him want.


  • #8
    jezzer
    Banned (with Prison Access) Posts: 2,030 ✭✭✭jezzer


    If I were you I would make sure a proper agreement is drawn up whereby you agree to work for a wage but can if you want maintain your own heard number with usage of the land and the whole thing rests on the stipulation that the farm goes to you at some point, you dont want a situation where you burst your b0llox for a wage only to end up with nothing, as we all know farming isnt 9-5 so you will need to put a lot of work in, no point in it being for nothing at the end of the day


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