Legal Advice: Is a partnership right for our farm?

There are pros and cons to a farm partnership agreement; make sure you know what you're getting into, legal expert Karen Walsh explains

A farm partnership is where two or more farmers combine their farming operations into one business. Picture: iStock

Dear Karen, 

Recently, my wife and I have started succession planning for the future. We have been looking into the best ways of transferring our tillage farm to our two sons when the time comes. We want to make the transition as smooth as possible and have noticed one potential option is to establish a farm partnership. What would a farm partnership involve and what are the benefits in relation to succession planning?