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market-farming - Re: [Market-farming] LLC

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Subject: Market Farming

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  • From: "Joyce Paski" <jpaski AT msn.com>
  • To: "Market Farming" <market-farming AT lists.ibiblio.org>
  • Subject: Re: [Market-farming] LLC
  • Date: Sun, 14 Dec 2003 09:34:25 -0800

Pat said:<I'd consult first the attorney to ask what form of business provides the best protection for you, and then an accountant to advise you what records to keep, how to set things up so your taxes can be done easily, etc.>
Marie said: <Has anyone here turned their farming operation into an LLC . . . .  We are seriously considering doing this and have a date set to consult an attorney to discuss it.

Would anyone care to tell me their experiences with this ie pros and
cons, tax savings if any, is there more paperwork?, insurance
ramifications, etc  Is an attorney the one to help, or should I also
consult an accountant? 
 
We want to protect ourselves in this lawsuit-happy era but is this the best way???>
___________________________________
 
I'm not an attorney, but I've been a litigation secretary in various legal fields for the last 15 years, and I've seen first-hand what poor business organization can do to a person.  I agree entirely with Pat.  The bottom line is how much liability you are willing to expose yourself to.  I personally like my sleep so I am going to incorporate and have an attorney as my registered agent, pay for an accountant's advice, and find an insurance plan I am happy with.  To me, peace of mind is worth the additional cost of seeking professional help in organizing your business start up.  You do "get what you pay for."  Good organization in the beginning of a business probably prevents over 90% of any business-related problems.



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