Modern farming is a business, and it is extremely common to see even small operations owning farmland in a partnership, LLC, corporation or trust. Even so, Minnesota law restricts the ownership of agricultural real estate by business entities and trusts.
Who Can Own Minnesota Farmland?
Minnesota’s ...Read More
What is a document retention policy?
A document retention policy is a plan outlining (1) what sorts of documents the operation will keep, (2) how they will be stored, and (3) how and when they will be destroyed.
Why is a document retention policy important?
Documents can ...Read More
Whether you are a producer looking to expand your operations without buying additional facilities, or a farmer approaching retirement and considering renting your hog barns out, the following are key terms that should be addressed in any barn lease:
Correctly Identify Parties. Make sure ...Read More
The Tax Cuts and Job Act of 2017 is the most dramatic change to the U.S. Tax Code since 1986. This wide-reaching, complex tax reform passed in such a hurry at the end of 2017 that many business owners, including farmers, are still trying ...Read More
Minnesota Pollution Control Agency (MPCA) requires producers to have written agreements with landowners to apply manure under the site’s Nutrient Management Plan. While MPCA provides a one-page sample Land Application Agreement, this form does not deal with many common issues between producers and manure ...Read More
People in Minnesota who owe back taxes may be able to settle their debt with the Internal Revenue Service for less than what they owe. Individuals who meet certain requirements may qualify for the Offer in Compromise program. However, an Offer in Compromise might ...Read More
According to reports, new legislation signed by the governor of Minnesota on April 11 will affect the operation and formation of limited liability companies. The new legislation that was adopted is called the Minnesota Revised Uniform Limited Liability Company Act. By adopting the new ...Read More
Many small businesses in Minnesota are owned and run by families. It is worth noting that there are multiple regulations that affect family businesses. A business may be taxed differently depending on how the business is structured and whether or not family members are ...Read More
Minnesota residents who own and operate a business enterprise should be cognizant of the federal and state tax laws that affect them. There are four general types of federal tax. Each one has its own characteristics and should be considered separately.
Any business that is ...Read More
The family of a successful Minnesota businessman have agreed to settle a lawsuit against his former accountant. The businessman who owned Woodcraft Industries died in 2011 and was in poor health for many years prior to his death. The accountant was supposed to administer ...Read More