One major consideration is whether the Partnership agreement is up to date. Deaths, marriages, retirements and divorces can all have an impact on the original agreement and failiure to update can lead to some unforeseen and unfortunate consequences.
Incorporating the business to run as a Limited Liability Company can often offer some major tax advantages under the current tax regimes – but there may be considerations, costs and reporting conditions that mean this is not the right choice for all. However it is something which should be considered.
For more complex or perhaps diversified businesses there are other structures which may be suitable offering tax advantages and limited liabilities. The use of a corporate partner, a limited company within a partnership, is one such structure which has been found applicable to many farm businesses
With all farm structures one eye should be given to future farm business succession.