Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Partnership or company

  • 01-02-2024 11:00am
    #1
    salmonorcod
    Registered Users, Registered Users 2 Posts: 39 ✭


    Hi I would like to hear peoples experience of farming in a partnership or company, any pitfalls to watch for, pros and cons etc.

    The landowner in this case wants to give the 2 successors an active role in the farm by forming a partnership or company with the intention to sign over the land within a year or 2, each successor being given a separate block of land each, with the intention to continue farming after this in the partnership or company which all parties are happy with.

    The enterprise is sucklers. The company was the favored option at the outset but the more research done / advice sought the more complicated it seems to be be. Any advice / experience welcome.

    Thanks in advance



Comments

  • #2
    yosemitesam1
    Registered Users, Registered Users 2 Posts: 3,024 ✭✭✭yosemitesam1


    Talk with your accountant. Depending on your own circumstances you could be worse off in company depending on profits drawings etc



  • #3
    salmonorcod
    Registered Users, Registered Users 2 Posts: 39 ✭salmonorcod


    Thanks have done that, just wondering if anyone has any advice from their own experience.



  • #4
    MIKEKC
    Registered Users, Registered Users 2 Posts: 1,208 ✭✭✭MIKEKC


    https://www.boards.ie/discussion/comment/121706339#Comment_121706339

    Can't advise on partnership. In a company here for many years Of you need to draw a wage , profit would need to be very high to justify a company If you have sufficient off farm income to live and have a high tax bill company could be the way to go. If buildings are needed I believe there are better grants in partnerships.Nothing like being independent in your own business



Advertisement