B—Lancaster Farming. Saturday, January 2,1971
11
Partnership-A Way to Keep Young People on the Farm
By Jay W. Irwin
Associate County Agent
THe wintei weather changes
■our pattem of activities from
outdoor to indoor This should
include time for business man
agement One impoitant area
is partnerships
Father—how would you hke a
laiger, moie efficient business
with highei income, relief fiom
the wonies of hiring help; a
gradual retirement on your farm
with the faim staying in your
family 9 If the answer to these
questions is “Yes,” you might
X-ray Schedule
Five community x-ray scieen
ing piogiams aie listed on the
schedule of the Tuberculosis and
Health Society of Lancastei
County foi the eaily pait of
.Januaiy, 1971 Included foi ser
vice aie the Welsh .Mountain
area and the Southeast aiea of
Lancastei City
The complete schedule is as
fellows Wednesday Januaiy 6
1 to 3 p m in the Welsh ‘Moun
tain Multi-Purpose Center, New
Holland RD2 (diebetes tests
also) 6 to 9 p m on the same
vate, Penney’s Stoie, Paik City
( diabetes tests also), Thurs
day, Januaiy 7—B am , Lan-
CaStei County Puson, 1 to 3 p m ,
Lancastei Post office (diabetes
tests also), 330 to 5 pm, both
x ray ccieenmg and diabetes
tests at the Community Build
ing, Franklin Tea ace; and from
6 td 7 30 p m , both tests at the
Susquehanna Couit Community
Building
The unit will be stationed in
Penn Square, Lancaster, on Fu
ciay, Januaiy 8, from 9 to 11 30
am, 12 30 to 4 30 p m and fiom
5 30 to 9 p m
On Monday, Januaiy 25, the
z.-t ay unit will be stationed at
JUilleisville State College fiom
830 am to 12 noon From S
to 430 p m on the same day it
•will Visit Flexsteel Industries to
oftei chest x-iay sen ice and
liee diabetes test
Try A
Classified
It Pays!
PROTECT YOUR FARM
WITH A P/NCOR PTO
TRACTOR DRIVEN ALTERNATOR
50.000 watts surge capacity
16.000 watts continuous clot'
Slow speed—l Boo iIPM
operation
Cool running tiiple chain
drive transmission
Heavy duty niotoi ‘tarting
Close voltage regulation
Meets NEMA codt
Heavy duty const! action
Induction haidcned input
shaft ,
Rain proof construction
Completely wiied control
box
Three phase available
i SEE IT AT... i
Haverstick Bros.
2111 Stone Mill Rd.
Lancaster, Pa. 17603
Ph. (717) 592-5722
C Piacom □
consider asking one or moie
sons to stay on the farm with
you Many fathers have reach
ed these goals by going into
partneiship with their sons.
Should You Have a Partnership?
Befoie you seek help from any
outside person, you must first
rieteimine: Do you get along?
No agreement or arrangement
will work if the parties are not
able to work together in a spirit
of haimony and cooperation.
This does not mean you never
have any differences of opinion,
because everyone does But you
must be able to work togethei
as a team to non out these dif
ferences
Is youi farm laige enough to
support two families oi can it
be made laige enough 7 You
must deteimine whethei or not
the income is theie to support
two families If it isn’t, you’ll
have to inciease the income or
fciget about tiying to support
two families off the faim
If you’ve answeied these two
questions “Yes,” then you aie
icady to exploie a paitnership
The fust step is to woik out
some of the details necessaiy
to stail youi faim business
Management
In most cases, both paitneis
will have equal contiol over
management
The fathei will leahze that
the son will make some mistakes
at first, but this is the best way
to learn and will make him real
ize the value of having an ex
perienced man like his father
foi guidance And many times
the son’s “new ideas” will prove
to be couect and mean more
piohts foi the paitneiship
Many families split up the
management lesponsibilities by
putting one paitner in chaige
WE ARE DISTRIBUTORS
FOR THE
FOLLOWING EQUIPMENT.
• Chore-Time Equipment*.
• Brock Bulk Feed Bins oil Galvanized
construction.
• Vent-O-Matic Ventilating Systems.
• Pockman Gol-A-Weld Cages.
• Shenandoah Complete Line of Brooders.
• Farmer Automatic Egg Collecting
Systems.
• Mono Flow Poultry & Pig Nipple Drinkers.
• Quaker Made Nests & Collecting Systems.
• Hart Cup Watering Systems.
• Master Built Egg Coolers.
• Grau Feed Meters Automation far the
Feedlot.
• Fox-O-Lene Flexible Hose & Firtings.
• P. V. C. Pipe & Fittings.
• Kalglo Brooding Systems.
• New Sani Turkey & Poultry Drinkers.
0 Healthway Equipment for Poultry &
Livestock Medication.
PARTS & U P. SERVICE AVAILABLE
FOR THE ABOVE LINES.
Dealerships Available on Many Lines.
For Further Information Call or Write,
HIESTAND, Inc.
R. D. 1, Marietta, Penna. Phone 717-426-1101
of one area such as crops and
the other in charge of the cattle.
Ownership of Property
In the average case, father and
mother continue to own the real
estate and they rent it to the
partnership at a fair price, the
same as though they were rent
ing to a stranger. The rent -is
their return on their investment
and is in addition to the wages
the father receives from the
partnership for his laboi.
In this manner, if the partner
ship splits up, there are few
legal difficulties because the
father still owns the real estate
The lease should state who pays
foi taxes, repaus and insurance
As for personal property, the
son usually buys fi om his father
at the stait of the partneiship
one-half of the cattle and ma
chineiy and either gives his
father cash if he can or gives
his father some cash and a note
v-ith intei est foi the balance
Tn this way the son has pui-|
chased a pait of the business
and is an actual ownei in it
The son should make legulai
payments on this note ,
Wages
Each paitnei, except in un
usual cases will be leimbuised
equally foi his labor whcie each
i", woiking full time The
fathei’s mci eased skill and ex
perience will be offset by the
youthful eneigy and woik of
the son
Bank Account
There must be a separate bank
account for the partnership
fiom which all accounts should
be paid An attempt should be
made to have open accounts
with all farm suppliers and to
make all payments to them by
check
Each paitner will leceive a
regular wage fiom the paitner
ship and have his own personal
checking account just as though punt for the Future that will
he were working in town. At influence your life for years to
the end of the yeai, any surplus come It’s important that all
in profits can be distributed aspects concerning “Options to
equally to the partneis Buy, Protection for Wives,
Length of Partnershipi Arbitra
tion and -Legal Situations” he
Where two persons run a bus- put by youi lawyer in writing
mess together, accurate records because
Accords
one of thfwives is afexcelknt d) Uitis in writing, there
and it helps can be little question Of a mis
strengthen hei interest in the understanding between the par
partnership. ties
(2) You’ll not forget the de
* , , „ . tails even after many years if it
A paitneiship will have little ft down
effect on federal income taxes ’’
Taxes
The partnership will fill out a (3) in the event of an estate
Form F the same as now and to be settled, other heirs will
then tiansfei each partnei’s have the wntten agreement of
shaie of the piofit to paitner the partneiship.
ship Foim 1065 The individual
paitners will then lecord their We need to encourage our
individual incomes on then 1040 young people to stay on our
foims farms This is one way to give
Legal them responsibility and an in-
You’ie about to designs “Blue vestment in their futuie.
Most dairy farms milk
with a DeLaval Combine
Soft-touch Pipeline
because it coaxes out more milk than other milkers
yank out. Add to that- 25% faster milking, less work
and automatic cleanup.
Let us give you a free estimate.
J. B. ZIMMERMAN & SONS
Blue Ball, Pa. . CaU35%7481_