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What business structure to put farm in
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Posted 2/21/2021 07:19 (#8847961 - in reply to #8846276)
Subject: RE: Land in llc. Operate as S-corp

Thanks for that info. I had forgot about paying a salary which allows u to avoid paying SS tax on the remainder. But I am going to try and manage my operator earnings through depreciation from the equipment I buy and rent paid to the land owner (myself). Paying ur self a salary involves all those state and federal payroll tax,payments which are a pain. I realize those with big incomes may need to do it. I’m just a hobby farmer.

Another avg of having land in an LLC is if you have other assets/businesses in ur personal name and you get sued they cannot attach to the Land.

Edited by Fetv 2/21/2021 07:26
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