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ToddSin NY 
Orange Level
Joined: 08 Nov 2009
Location: Newark,NY
Points: 1034
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 Topic: incorporate
Posted: 07 Jun 2012 at 6:10am |
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Has anyone incoporated their farm? I'm thinking of doing this. Can anyone give me the pros and cons?
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cornbinder
Orange Level
Joined: 26 Sep 2011
Location: jeromesville,oh
Points: 846
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Posted: 07 Jun 2012 at 6:33am |
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my dad and i are talking about doing the same thing. we are gonna get some advice from our accountant
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ctbowles58
Orange Level
Joined: 17 Jun 2011
Location: Clarksville, MO
Points: 2249
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Posted: 07 Jun 2012 at 7:07am |
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i talked about it once but you have to have a president -VP-sectary- and monthly mettings so i was told by a lawyer if you Inc. other options are a LLC. or a TRUST
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190XT 2WD45 WF D15 D14 CA BIG10 302 & 303 bailers 77G rake 80R mower 6 plows and alot more
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Stan IL&TN
Orange Level
Joined: 13 Sep 2009
Location: Elvis Land
Points: 6730
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Posted: 07 Jun 2012 at 7:11am |
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We did the land trust route.
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1957 WD45 dad's first AC
1968 one-seventy
1956 F40 Ferguson
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Brian F(IL)
Orange Level Access
Joined: 14 Sep 2009
Location: Paxton, IL
Points: 2714
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Posted: 07 Jun 2012 at 7:35am |
You need the advice of a good, honest attorney.
They're sometimes hard to find, but I know of a couple.  |
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Nathan (SD)
Orange Level
Joined: 11 Sep 2009
Location: Day County SD
Points: 1278
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Posted: 07 Jun 2012 at 9:13am |
Seems like the mega farmers around here are going to putting the land in a trust and then forming a corporation to do the farming. One guy I am most familiar with, then buys all his equipment in his name and then leases it to the farming corporation. That way the corporation( which is the biggest liability creator) has no assets other than crops in the field ( that the bank has liens on) and all his personal income is rental income which isn't taxed for SS.
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KenBWisc
Orange Level
Joined: 15 Sep 2009
Location: Fall Creek, WI
Points: 1184
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Posted: 07 Jun 2012 at 9:44am |
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Your Cornell Extension likely has a farm law specialist who can provide you with information and advice.
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'34 WC #629, '49 G, '49 B, '49 WD, '62 D-19, '38 All Crop 60 and still hunting!
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Bull
Orange Level Access
Joined: 28 Sep 2010
Location: Lamar, Missouri
Points: 589
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Posted: 07 Jun 2012 at 2:10pm |
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I would suggest that you have a joint meeting with your accountant and attorney.
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