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The penalties of partnership conflict.
KEY POINTS
- Disputes will often arise within partnerships.
- In Ham v Bell the point at issue was whether a farm was a partnership asset.
- Advisers must always watch for conflicts of interest.
- Can partners declare different profit share figures on individual tax returns from those shown on the partnership form?
- Penalty problems when partners leave or divorce.
Most farming operations trade through the legal entity of a partnership. It has also been said that a starting point for the understanding of acting for farmers is that almost inevitably disagreements among partners will arise. It is therefore quite possible and indeed frequent that individual partners will dispute aspects of the treatment of the partnership business accounts and tax issues. Several recent tribunal cases have provided...
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