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Limited Liability Companies and Corporate Business Structures

William Thompson, M. Wade Polk and, Wayne Hayenga (January, 2009)

Summary

There are many factors to consider when choosing a business structure. Circumstances unique to a particular farm or ranch may dictate the choice of one form over another. The choice of business entity operating structure can have both long-term and short-term consequences. It is advisable to seek professional help from a certified public accountant or tax preparer, legal adviser, lender, and other people used as management resources for the business. These people can help both in the planning process and in the actual formation of the entity chosen.