University of Maryland Extension

partnership

Income taxes for for-profit businesses

Urban Ag home | Table of contents An owner of an LLC pays taxes just as a sole proprietor does: all profit is considered personal income and taxed accordingly at the end of the year. Generally, a business owner will want to avoid double taxation in the early stages. The LLC structure prevents that...

Choice of business entity structure

Urban Ag home | Table of contents How you choose to structure your farm operation is an important risk management decision. But, choosing isn’t always easy. There are several types of business entities, each with its own pros and cons, and states have different requirements for different business...

Creating Opportunities to Reach Underserved Communities: Making Connections via Outreach, Networking, and Partnerships

Maryland is considered “America in miniature.” Like many other states in the country, Maryland represents a very diverse area in terms of landscape, climate, culture and inhabitants. For decades, 4-H has been an organization that has recognized the diversity of not only Maryland but all states and...
Maryland’s largest brewery and the University of Maryland (UMD) are committed to developing the highest quality ingredients for Maryland beer. Flying Dog has engaged with UMD’s College of Agriculture...

Using a Business Organization Structure to Limit Your Farm's Liability

In Maryland, 82.7 percent of agricultural operations conduct business as sole proprietorships (Census of Agriculture, 2012). As agriculture continues to evolve, however, producers should consider investigating all types of business organization structures for their operations to limit liability and...

Partnerships Need a Plan for Winding Down Affairs

Photo by Edwin Remsberg This post is not legal advice Earlier, I posted on family limited partnerships , I'm continuing the theme today with what happens when a general partner passes away. For example, father and son start a general partnership to run the farm. This partnership will continue till...

Family Limited Partnership as a Business Structure?

Photo by Edwin Remsberg This post is not legal advice I’ve written about limited partnerships as a business structure previously, but let's review. A limited partnership is made up of at least one general partner and one or more limited partners. General partners manage the business and take all...

Using a Business Organization Structure to Limit Your Farm’s Liability

In Maryland, 82.7 percent of agricultural operations conduct business as sole proprietorships (Census of Agriculture, 2012). As agriculture continues to evolve, however, producers should consider investigating all types of business organization structure for their operations to limit liability and...

Let’s Partner Up: General Partnership Overview

Photo by Edwin Remsberg
This post should not be relied upon as legal advice Today we continue our series on business organizations and look at partnerships. A partnership is a separate legal entity created by two or more individuals (“partners”) who each contribute capital, equipment, and skills and share in profits and...
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