The first question a farmer might ask about business structures may very well be: Why do I feel so overwhelmed? The good news is that creating a legally safe and well-managed business only involves three crucial steps: creating and following the processes laid out in your documents, separating yourself financially from the farm, and getting legal advice when you need it. This FAQ covers the questions farmers often have when moving through the process of creating a business structure, including:
- I'm not sure I want to form a business entity? Can't I just sell my products or services?
- I want to move beyond just a sole proprietorship or partnership. I've heard that I should form an LLC or S corporation. Which one is better?
- Is it worth it to file taxes as an S corporation?
- Can I structure my farm as a nonprofit?
- How can forming a business entity help me pass my farm to a successor?
Download the resource for free at www.farmcommons.org