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Conventional wisdom around how to structure farm operations has evolved in the past several decades. Even if you come from a long line of farmers in your family, what worked for previous generations may not make sense now.
Choosing between the three basic farm structures — partnership, sole proprietorship, and corporation — can have a substantial impact on your annual taxation burden and the transfer of the business to the next generation. Each farm has different circumstances and goals; evaluating your situation now can ensure tax efficiency and a stress-free succession down the road.
Learn more in our latest insight from Bob Tosh:
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