Forming an LLC is an important step in protecting your farm or food business—but it’s only the beginning. To truly gain the benefits of limited liability, you need to operate like an LLC in practice. That means keeping finances separate, maintaining records, and following the right business practices. Learn the key differences between having an LLC and running one—and how to make sure your business is protected.
Structuring Your Farm Business: An Overview for Ag Businesses
Not sure how to structure your farm or ag business? Choosing the right business structure can impact everything from taxes to liability to transition planning. In this blog post, we break down common business structures—like sole proprietorships, partnerships, LLCs, and corporations—and what they mean for agricultural operations. Read the full post and view our quick reference guide to help you decide what’s right for your farm.
Co-op 101: How Do Cooperatives Compare to Other Business Structures?
In our last post about Co-ops we talked about how cooperatives demonstrate the following principles: User-owned, User-Controlled; and User-benefitted. There are many positive attributes to the cooperative business structure, but it is not the appropriate structure for every business and its owners. Choosing the appropriate business structure is an important strategic decision for business owners.