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Post o' the week: 'Sit down with a tax expert'

From TEvans: "...sit down with a qualified agricultural tax expert before making such an important decision.  If you don't want to spend the time or money with a professional, just pick a form because you likely aren't going to get the desired results.

 

"There is no one size fits all.  Different forms of business organization meet different goals.  It amazes me that some producers contantly cite the reason for an LLC as liability protection when in reality it's often better to cover risk with insurance.  The LLC generates social security tax that may be reduced by one of the forms of corporate organization.  An LLC is a fine tool for land ownership, but probably the poorest choice for the "tenant" side of an operation."

 

Full thread: http://community.agriculture.com/t5/Farm-Business/LLC-Corp-Inc-which-one-to-choose/td-p/53397

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