Legal Entities for Farm Business: Understanding LLCs and Trusts
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
Location
This event is online
Last updated October 2, 2020