About this episode
Working Draft - Ag LLC Outline Airing 1/16/23 Welcome to a Farm4Profit episode Remind people to hit SUBSCRIBE – REMEMBER TO LEAVE REVIEWS The listener review today is brought to you by Deere Facebook – Barbara Gonzales Keep up the good work! Go subscribe to YOUTUBE!!! Play Legacy Farmer Segment Guests: Ryan Haaland is an attorney who assists clients with real estate projects, business formation and transactions, and estate planning. He works with clients of various sizes, from large national companies to smaller local entities in all aspects of business. He assists ag clients, from family farm startups to larger ag entities, both as it pertains to real estate acquisitions and sales and assisting in corporate structuring and governance Intro: Some believe that you need to be a big operator or land owner to justify forming an entity for their operation. Some believe that having the operation owned by a company makes them less attractive because of the corporate “look”. The truth is that structuring your farm operation using one or more business entities is an efficient tool (bang for buck) to protect farmers and their business, and that doesn’t require substantial change in manner of operation. Limited liability Protects personal assets from liability related to the business Even if you own a short 40 and lease the ground out, LLC might be a good idea. Protects the dirt from exposure to risk related to personal liability (e.g. you’re at fault for a car accident, the farm is at risk) Want to isolate value from risk using multiple entities LLC – Partnership LLC – S Corp S Corp C Corp Potentially limits partners (e.g. non-family farm entities) Same entity must buy and sell Imposes structure on owners Useful estate planning General Issues Anything else you’d like to share? What is your top tier of clients doing differently? Pay Off Question: How do you define success? Summary Challenge Want Farm4Profit Merch? Custom order your favorite items today! https://farmfocused.com/farm-4profit/ Don’t forget to like the podcast on all platforms and leave a review where ever you listen! Website: www.Farm4Profit.com Shareable episode link: https://intro-to-farm4profit.simplecast.com Email address: Farm4profitllc@gmail.com Call/Text: 515.207.9640 Subscribe to YouTube: https://www.youtube.com/channel/UCSR8c1BrCjNDDI_Acku5Xqw Follow us on TikTok: https://www.tiktok.com/@farm4profitllc Connect with us on Facebook: https://www.facebook.com/Farm4ProfitLLC/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.