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I have a small farm Pisgah Farm LLC. I also have a

Customer Question
Hello, JA: Hi. What is your...
Hello,
JA: Hi. What is your issue regarding?
Customer: I have a small farm Pisgah Farm LLC. I also have a farm-to-table catering attached to that business. My question is do I separate the catering expenses and revenue from the farm
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I'll be right with you a slower typer here
JA: Is there anything else important you think the Accountant should know?
Customer: We fill a Partnership[ return (wife and I)
Submitted: 10 months ago.Category: Tax
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1/3/2017
Tax Professional: Richard, Tax Attorney replied 10 months ago
Richard
Richard, Tax Attorney
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Tax Professional: Richard, Tax Attorney replied 10 months ago

Good morning. From a tax perspective, it's really not going to make any difference as everything flows through to your individual returns. But, from a legal perspective and asset protection perspective, I would suggest you put each operation into its own LLC. The reason that you want a separate LLC for each business is so that if you have a problem with one business, it won't contaminate the others. After all, you are setting these up to limit your liability so you don't want to put them all in the same basket.

Thank you so much for allowing me to help you with your question. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as Good or Excellent (i.e., 4 or 5 stars)(hopefully Excellent/5 stars J). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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Customer reply replied 10 months ago
5 thanks
Tax Professional: Richard, Tax Attorney replied 10 months ago

You're very welcome! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

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