US EditionDemystifying farming partnership and incorporation
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Demystifying farming partnership and incorporation
What defines a farming partnership? Under the Partnership Act 1890, a partnership is defined as: “the relation which subsists between persons carrying on a business in common with a view of profit.” In simpler terms, if two or more individuals work together to run a farming operation and make a profit, they are likely in a partnership—even if they don’t have a formal written agreement. A key point is that the existence of a partnership is based …
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