31 January 2007
The partners in a farming firm have carried through the procedure which has given that firm limited liability (still as a partnership); observing that they have 'converted' the business to a new form. Apparently this was done without professional advice, but the correct procedure was followed to set up the new entity. I am doubtful as to whether the income, taxation and capital gains can be dealt with other than on the basis of cessation of the old business with a commencement of the new, which is to be taxed as a partnership.
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
