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Putting Farm into a LLC
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iseedit
Posted 12/8/2017 06:19 (#6414134 - in reply to #6413564)
Subject: RE: ^ ^ ^ Consideration ^ ^ ^



central - east central Minnesota -

AGDEAL - 12/7/2017 20:25 Could you please expand on that? I have been told that if we were to set up an LLC and use it to buy our health it can be cheaper than buying it as an individual..... to the tone of $15000 a year. I haven't looked into it and we will be getting our insurance through my wife's employment for the next year. I was hoping that the cost of the LLC would still be cheaper than buying insurance as an individual whilst trying to minimize our liabilities.

At this point, until the tax bill is ironed out and passed/signed by the President - there's little to expand on.

If nothing were to change, your use of an LLC would make sense - if the dollars to create and support a LLC year in and year out are less then the health insurance individual, then it's and advantage. Keep in mine, your LLC needs liability insurance and possible property insurance, along with the accounting/CPA and state filing expenses (aside from the insurance, if you do these, it's considerable less money - but, they must be Correct).

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