Farmers: What is the legal structure of your farm?

[Indian Territory]

Farmers: How is your farm structured? Sole proprietorship, LLC, corporation? And do you do your own taxes or hire an accountant?

 

[oldnslo]

Was family owned and did our taxes but was also way before the e-file craze and tax prep service on every street corner.

 

[Torvy]

LLC. Taxes are pretty easy as they go on personal. Just one extra form.

The LLC helps to protect our personal assets if creditors or lawsuits threaten the farm.

 

[workinonit]

LLC here for my separate business. Farm is SP. Have an accountant. I hate keeping up with inventory and depreciation schedules.

 

[riptides]

LLC, accountant for services, inventory, animal care, equipment use, land use, depreciation, improvements and all the crap that life throws at you.

 

[Torvy]

Oh, yeah. I don't have animals or a lot of different crops just yet, so the accounting is easier. My other half knows the accounting pretty well.

 

[Hay Dude]

LLC
Hired accountant

 

[LHF2019]

SP have an accountant familiar with Ag(very important). Would not have it any other way. To many little things that can be missed with tax codes for and against you.......................unless you enjoy that type of reading and understand it.

 

[Hay Dude]

My accountant is retiring after this tax year.
Gonna be a long & difficult transition to a new accountant

 

[2manyrocks]

Looks like your accountant would sell his practice to another accountant to take it over after he retires?