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my siblings and i have inherited the family farm and we would

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like to keep as a...
my siblings and i have inherited the family farm and we would like to keep as a working farm. What type of organization should we be creating.
Submitted: 7 years ago.Category: Business Law
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1/4/2011
Business Lawyer: Dimitry K., Esq., Attorney replied 7 years ago
Dimitry K., Esq.
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Thank you for your question.

How much, approximately, does the farm generate in revenue in a year? How many siblings are there? Are you on good terms with one another? Do you wish to keep the farm in the family?
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Customer reply replied 7 years ago

it is a small farm. 230 acres. it may generate about 12000.00 a year. crop ground is leased so we will receive 1/3 of crops. grasslands are leased for a year, which will be about 2000.00 this year. in 2012 we may start running our own cattle again, but crop ground will stay leased.

 

There is 4 of us and yes were are in very good terms. Yes we want it to always stay in family. We own 1/4 each by parents trust.

Business Lawyer: Dimitry K., Esq., Attorney replied 7 years ago
Thank you for your patience.

In that case I suggest you look at an LLP. This is a "Limited Liability Partnership" and has some best portions of a corporation and a partnership. One of the best corporate pluses is that each partners have limited liability for the decisions of others, which protects all partners from bad mistakes. The partnership plus is that all parties can make decisions in the entity on an equal level. here is a great link that can explain the partnership structure, as well as permit you to see the other available structures (S-Corp, sole proprietorship, LLC, C-Corp, etc...)

http://www.seagrant.umn.edu/aquaculture/aquaculture_organizational_structure

Good luck.

Edited by Dimitry Alexander Kaplun on 1/4/2011 at 4:07 AM EST
Dimitry K., Esq.
Category: Business Law
Satisfied Customers: 41,221
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