Farm Business Management

Legal Entities for Farm Business: Understanding LLCs and Trusts

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Legal Entities for Farm Business: Understanding LLCs and Trusts

  • Thursday, November 5, 2020, 1:00 PM - 2:00 PM
  • Thursday, November 19, 2020, 1:00 PM - 2:00 PM

Legal Entities for Farm Business: Understanding LLCs and Trusts

When: 1pm - 2pm on November 5 & 19, 2020
Where: Virtual meeting via Zoom
Cost: $10 per farm for both sessions
Register online: https://scnydfc.cce.cornell.edu/event.php?id=1328
Register by phone: 607-391-2662

This 2-part virtual mini-series will cover LLCs and trusts, two legal entities common among agricultural businesses. The sessions will help farmers and rural landowners evaluate whether these legal entities would be appropriate for their individual situations and goals.

Session 1: Is an LLC Right for Me?
Have you ever wondered whether forming an LLC would be good for your farm? This workshop is for any agricultural business operating as a sole proprietorship or partnership, interested in learning about the costs and benefits of Limited Liability Corporations. Chris Anderson from Farm Credit East will review common farm business structures, then discuss how to evaluate whether an LLC is a good fit for your specific circumstances. We will also discuss the process of setting up an LLC, selecting and working with advisors, and making changes to an LLC over time.

Session 2: What is a Trust & Does My Farm Need One?
This session will help farmers and rural landowners understand what a trust is, and whether it is the right tool to protect and manage their assets. Our speaker, business consultant Anna Richards, will describe several types of trusts commonly used in farm business and succession planning, and discuss the process a farm goes through to set up and manage a trust.

Fee

$10 per farm

Contact

Robin Wendell-Zabielowicz
Farm Business Management Educator
rw583@cornell.edu
(315) 376-5270

Location

This event is online

Last updated October 2, 2020