Farm business structure: proprietor, partnership or corporation?
One of the most common questions we get from our farm clients is how their business should be structured.
The three most popular ways of structuring a farming business are:
Proprietorship ?–? where the business is operated by a single individual
Partnership ?–? where two or more people operate the business
Corporation ?–? where the business is operated by a distinct legal entity
Choosing which of these three structures is right for your farm depends on many factors. This article attempts to outline some of the primary advantages and disadvantages of each option to better help with this decision.
"I want farm families to see conflict as a good thing that can be resolved."
The majority of the current eligibility criteria and industries and occupations are able to benefit from this program does not appear to be changing.
Baines is encouraged: “Women are not only buying farmland but are being recognized for their roles.”
“With the importance and necessity of farming,” she says, “the future holds many opportunities for women.”
Never have I remembered a year that saw the term “volatility” used in every sentence. At the start of 2022, I would have used the word “opportunity,” but as we move into 2023, I would summarize the year more like “that was interesting.”
From transition planning to day-to-day bill payments, knowing the dollar value of your assets is a critical part of managing a farm business.
Values can change drastically over time and space, however. Regular evaluation of farm assets and their worth is important for various best business management practices.
Though there are exceptions (remember Cheetos lip balm?), diversification can offer many benefits.