Many family farms are not structured the same as they used to be. It used to just be enough to say you owned the land, the assets, and the livestock. However, we have come to learn that to relieve the tax burden and also to keep the family farm safe as a separate entity from the individuals who benefit from it, many farms are now Limited Liability Corporations or LLCs. As the government looks at these entities, they want to make sure that no tax evasion or unscrupulous business practices is going on.
Read more at Iowa Agribusiness Radio network.
