For farms otherwise dependent on raw agricultural product sales, value-added products and diversification (agritourism, classes, jams and cottage foods, etc.) can tap into more profitable revenue streams. But! Each diversification opportunity presents interesting legal questions for the farm business entity. One of these questions is “should I form a new business entity for the new enterprise?” Fortunately, we have a workbook to help you answer that question. Check out the Farmers’ Workbook for Deciding on a Second Business Structure for a step-by-step decision-making guide that will leave you with confidence in your decision and clear next steps.
For more details, Chapter 11: Business Structure Considerations When Diversifying or Adding Value to Farm Products of our Farmers’ Guide to Business Structures will provide examples of farms working through this decision, and point you to information about business structure options.
Of course, don’t forget our extensive resources on diversification overall.
If a separate entity is right for your proposed venture, explore all our resources on choosing and setting up a farm business structure right here.
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