Running your farm takes all of your time but we all know that if you don’t keep up with the documentation then ultimately your business will fail. Whether that means the accounts or the single farm payment documentation or perhaps the reps documentation, they’re all extremely important.
Similarly, the legal documentation regarding your farm is very important also. If for example you’re running the farm with a family member, then it’s very important that you have a partnership agreement with that family member. Also if you’re thinking of transferring the farm to the younger generation then it’s very important that your paperwork is in order and that you look very carefully at the tax breaks that are available for this. Another issue is your will, it’s important that you provide for what should happen after you’re gone. Similarly, there is an enduring power of attorney, which is a document that provides for somebody else to run your legal affairs if you become unwell through illness or injury.
At Patrick J Farrell and Company we’re used to dealing with all of these issues for nearly 40 years. We understand how important they are to you and your family.
