MN Valley Business Magazine (October 1, 2017) – Many businesses, including many farm businesses, organize and operate their businesses through separate business entities (e.g., corporations or limited liability companies). When properly structured, these entities can provide numerous management, succession, and liability protection benefits for farmers and other business owners.
But merely creating a generic corporation or limited liability company is not enough to ensure that these benefits will be available when needed. Instead, business owners should obtain professional advice to ensure that the entity is properly formed and tailored to the unique needs of the business and that all on-going requirements for the business are properly maintained. The following summarizes key factors that farmers and owners of agricultural businesses should consider in organizing their business operations.