This article has been submitted by Peter Lynn and Partners
Not all businesses are city based, and with financial pressures ever increasing in the agricultural and farming industry, it is little wonder that those involved in the industry are looking towards additional income streams and change.
Diversification is often a prudent financial move, but don’t fall foul of the various legal pitfalls.
Consideration needs to be given to many aspects of the new venture including:
Employment in the Agricultural and Farming Industry
With diversification often comes the need to employ more or at least different people, for example, changing to an outdoor pursuit centre will require instructors.
Do you have planning for the diversification? Do you require any permissions or additional works to be undertaken in order to comply with the rules and regulations associated with your new venture?
Business Agreements and Structures
What format will your new business take? Are you going to establish a limited company, or are you working as a partnership or sole trader?
These are just a handful of the issues that need to be resolved at the outset to prevent problems further down the line. By seeking expert legal advice early on, you will give your diversification plans a head start.
For expert advice on matters relating to agricultural and rural law, contact Peter Lynn and Partners by emailing [email protected]