Legal Advice: Is setting up a new company to run the farm a good idea?

Stephen Coppinger answers your legal questions.

There are a number of different company types and the most common one is a limited company. Picture: iStock

Dear Stephen ...

I recently got advice from my tax advisor that myself and my son should set up a company for our farm as it is more tax efficient. I understand that my son and I will be directors of the company. I am looking for advice as to what our responsibilities would be and what legal obligations I and my son face. John.