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market-farming - Re: [Market-farming] Legal structure of business

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  • From: Richard Stewart <rstewart AT zoomtown.com>
  • To: Market Farming <market-farming AT lists.ibiblio.org>
  • Subject: Re: [Market-farming] Legal structure of business
  • Date: Thu, 22 Apr 2010 09:49:06 -0400

The ease and basic protection of an LLC outweighs the simplicity of a sole proprietorship.

Our farm is actually a structure of three LLCs and is owned by four family members here in Ohio and in Viriginia.

One exists simply as the company that holds the title to the land.  That may be more complex than most are willing, but establishing a company, an entity that is NOT you personally, is a much safer route to go.  Its easier come tax time and to be honest I think you get better insurance rates when you are trying to insure a business with well defined parameters than an individual who wants to insure their personal assets as well as business related items/events.

Its also easier when it comes to banking, applying for loans, dealing with the FSA (if you ever do), grants, and the like.  You REALLY want all this independent of your personal life.

Richard Stewart
Carriage House Farm
North Bend, Ohio

An Ohio Century Farm Est. 1855

(513) 967-1106



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