Photo by Edwin Remsberg
Business organization structures can provide many uses in agriculture, but the majority of Maryland farmers do not utilize one. Utilizing the proper one can help limit liability for the farmer, protect personal assets from business liabilities, and provide a mechanism to transition the farm to the next generation. Picking the right business structure can be a difficult proposition for a business owner. The Agriculture Law Education Initiative and Beginning Farmer Success have teamed up to provide a series of overview videos covering each business organization structure you may consider. For more information on this topic, you can also check out Using a Business Organization Structure to Limit Your Farm’s Liability by Ashley Newhall and Paul Goeringer for more information.
The videos are available on the Farm Transition and Estate Planning page.