Tablerock Ranch eastern Wa | Ben has the right idea, a simple LLC in most state should work well if you and your dad treat all farm income as one, regardless of crop type, if he wants to grow wheat and you want to grow corn, but both agree that the others crop goes in one pot, then a split would be arranged on % of investment, dad owns land value to partnership is X you own equipment, or you work more hours and value to partnership is X, my son and I have just such an arrangement, my wife and I have an LLC that just holds the land, and we have an LLC with our son that encompasses all of our business ventures that go in the farm income pot, we do not charge rent for land to the working LLC, we take value in the split, hope this helps, our attorney set these up and they were cheap and easy. |
Farm Structure Question?
