Commentary

78 Requirement for separate businesses

AGRICULTURE vol 2(2)
| Commentary

78 Requirement for separate businesses

| Commentary

78 Requirement for separate businesses

If a share farming agreement is to be distinguished from a general partnership, then each of the parties to it must carry on a separate business, so that expenditure on the joint venture and receipts from the joint venture are expenditure and receipts of the respective separate businesses. Thus there is no separate business comprised in the joint venture. It is simply a creature or offshoot of the respective businesses of the contributing parties. On that basis, HM Revenue and Customs accepts that the joint venture does not itself constitute a separate registrable entity for

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial