February 24, 2021

Farm Succession: Business Entities

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Choosing a business entity is a key aspect in liability, taxation, capitalization, decision making, agricultural government payments, and transfer options for all farm businesses. When it comes time to transition your farm business to the next generation, whether your farm is set up as a sole proprietor, partnership, corporation, or LLC, how your business is structured will affect many aspects. Deciding on a business entity requires much thought and advice. In this Purdue Commercial AgCast episode, our seventh in our Farm Transition Planning series, Purdue ag economist Brady Brewer and members of the Purdue Farm Transition team Kelly Heckaman and Ed Farris discuss the impact of business structure in farm succession planning and give examples where it’s important to have structures in place that fit for your business.

 

The companion episodes in this podcast series can be found here:

  1. “Farm Transition Planning”, June 24, 2020
  2. “Farm Succession: Transitioning Business Management”, July 22, 2020
  3. “Farm Succession: Feasibility of Adding A Farmily Employee”, August 20, 2020
  4. “Farm Succession: Human Resources For Transition Planning”, September 30, 2020
  5. "Farm Succession: Conflict Management For Transition Planning", December 18,2020
  6. "Farm Succession: Business Governance For Transition Planning", January 26, 2021

 

More information from the Purdue Farm Transition Team  can be found here and resources from the Purdue Institute for Family Business can be found at https://purdue.ag/fambiz and don’t forget to follow and subscribe to the farm succession planning YouTube channel.

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TEAM LINKS:

PART OF A SERIES:

Farm Succession/Transition Planning Series

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