We are in the process of trying to set up our family business in a way the will work, but, we can not get a consensus from our support team. We want to put our farming assets into an S corp, rent the land we own to the corp. Using the ability to gift shares to the next generation. Only the operating sibling will be receiving shares n the operation. Other things will be done for the non operating children. No land in corp.
Legal says S corp and at least 1 LLC, maybe 2. We are not that large of a farming operation. 2K acres.
Any one have any tips on what to do or not to do? What are you doing or what you would do differently?