Business Entities: What are the Differences?
While roughly 98% of farms and ranches across this nation are owned and run by families, the business needs of these operations can be overlooked. As farms and ranches expand by bringing on more family, utilizing a business entity can aid in dealing with the complexities of the transition. Legacy Consultant Alan Hojer with Keep Farmers Farming explains business structures often utilized in agriculture include general partnerships, LLCs and sub chapter S corporations. He says which entity to utilize needs to be explored.
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Keep Farmers Farming - Tri-State Livestock News
At the South Dakota Governor’s Ag Summit held in Deadwood, South Dakota this summer, Alan Hojer spoke about Keep Farmers Farming, a non-profit South Dakota Ag Foundation program designed to benefit agriculturalists across the state.
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Estate Planning vs. Succession Planning vs. Transition Planning
Estate planning, succession planning, and transition planning are often talked about together as farmers and ranchers prepare for the future, but each one serves a different purpose.
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