Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Partnership definition

What does Partnership mean? A partnership is the common business arrangement where two or more persons run a business together for profit, usually under a firm name and often governed by a partnership agreement. In partnership law, this is the general partnership. The core legal definition comes from the Partnership Act 1890 (PA 1890): the relation subsisting between persons “carrying on a business in common with a view of profit.” Key legal features include: - Agency: each partner is an agent of the firm in the ordinary course of business. - Liability: partners have unlimited liability for partnership debts (joint in England & Wales and Northern...

Agricultural joint ventures and partnerships in England and Wales — structures (share/contract farming, FBT, licences, partnerships/LLPs), formation, control, asset ownership and tax (IHT/APR, CGT, income tax)

Published by a LexisNexis Property expert

Practice notes

joint ventures are gaining traction across the agricultural sector, offering routes for farmers who wish to lighten their workload, contemplate stepping back, or for landowners preferring not to farm directly. A range of joint venture agreements exists, and the appropriate model will usually hinge on multiple considerations. This Practice Note examines the main joint venture formats—what they involve, the issues to weigh when selecting the most suitable option for the parties, the means by which each arrangement is created, and other matters to address when advising clients. From the outset, note that these structures can be fluid: parties might begin with a licence to occupy, giving time to build familiarity, then progress to a partnership or share farming arrangement, which might later become a farm business tenancy if the landowner plans to retire from active farming.

This incremental pathway lets the parties become acquainted and understand practical operations before committing to a closer vehicle such as partnership or share farming, and may thereafter be reshaped into a farm business tenancy if the landowner decides to step away from farming entirely.

The parties’ relationship and aims

When carefully evaluating which structure to adopt, the primary focus should be the parties’ objectives...

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Web page updated on 21/05/2026

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