Farmers Weekly Business Clinic: succession issues in farming partnerships
The deceased partner had intended to leave his share in the partnership to his wife, but the partnership agreement indicates a partner’s share in the partnership should be divided between the two remaining partners upon their death. Meanwhile, the executors are refusing to acknowledge the partnership, stating they have passed on the partnership share to the deceased’s widow.
So what does this mean for the two remaining partners?
In this month’s Business Clinic, Robert James, an associate in Thrings’ Agriculture team, highlights some of the common issues and challenges when a partner leaves a farming partnership, and explains the circumstances under which the terms of a partnership agreement can be ignored.
Click hereto read the full article in Farmers Weekly.