Farmers: What is the legal structure of your farm?

[TimberFarm]

I just formally formed this year for my timber farm. Did it as LLC which is what I had my contracting business as before I closed it down.

I have always had an accountant do my taxes since 1983, and I am glad I do.

 

[Kasamoto]

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

We put all our property into a trust for our grandchildren. We are the trustees and when we depart our children will be trustees.

 

[Elviscaretaker]

LLC and taxes, accounting done by my wife and I. Years ago I went to 4 different accountants with the same numbers and no one came back with the same. The differences were not small.

 

[Kiocushy]

I started my farm as a sole proprietorship but switched to an LLC once things picked up and I needed better separation between business and personal. I still do most of my own bookkeeping, but for taxes I bring in an accountant since it gets tricky with equipment and deductions. Getting help to Register company early on through a simple service saved me a ton of hassle, and it made setting up the LLC way smoother than I expected.