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Minneota, MN | If you want to simplify bookkeeping, setting up and LLC or a C corporation will NOT simplify your life! With these legal entities you will now have a set of books to maintain for the entity and you'll be filing a separate tax return for the legal entity. More accounting costs, more bookwork, and the same set of hassles you are experiencing now, but with another entity to keep track of. Like the previous posters said, spend the effort to have separate accounts set up with fertilizer, chemicals, etc billed out separately from the start. Farm specific direct costs should be split out to begin with and then use a simple allocation method (a percentage based on acres farmed, for example) for other costs like diesel fuel, equipment insurance and the like. Good luck! | |
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Farm Structure Question?
