Posted 12/6/2017 17:25 (#6410713 - in reply to #6410566) Subject: RE: Why is that ?
Nunn CO
iseedit - 12/6/2017 15:04
BryceH - 12/6/2017 10:29 Better find a new account, LLC won't help with that. S corp can if set up right. In general though putting EVERYTHING in multiple LLC's is a good idea.
Why is that ? (Bolded statement above)
It's very cheap to do and massively limits your risk. I feel like I read about an accidents on NAT at least once a week; Grain carts runs away and tips over on the road, employee accidentally hurts someone or was on the wrong property, tread cap comes off semi and goes through a windshield, etc. unforeseen things just happen, thats why they are accidents. If God forbid someone died you would have to live with that forever. To make matters worse you would have to do it in a homeless shelter because likely you would be be sued into poverty.
As mentioned above in comments there are a lot of "operating LLC" for this exact reason. After all...... it's called a LIMIT LIABILITY corporation. It's not at all uncommon around here to see farmers buy new ground under a new LLC each time. It's all flow through income with taxes and can create a buffer incase something happens. Shoot me a email if your curious about more, just had to go through all this about 7-10 years ago.
Putting Farm into a LLC
