Client Corner: How should I structure my farm business for multiple generations?

Contributed by Kelvin Leibold, ISU Extension Farm Management Field Specialist

What is the best business structure to use when looking to set up a business with multi-generations? I heard it was an LLC.

The “best” business structure decision involves looking at many different issues. These include the number of people involved, tax issues, the expected life of the business, and the relationship between labor, capital and management to name just a few . To get some general background on different types of business structures, the Iowa Secretary of State offers some background information.  Take a look at http://www.sos.state.ia.us/business/handbookintro.html to learn more. For further information, consider consulting with professionals that work in the area of business structures.

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