Farm Business Entity Flowchart

Farmers’ Guide to Business Structures excerpt - Understanding Your Options

This section provides farmers with tools to help choose the best business entity for their farm operation: Entity Comparison Chart and Choose Your Entity Flowchart. Consciously choosing an entity is the first and probably most important step in running a successful farm operation. These charts will help farmers narrow down the options based on certain factors or characteristics of the business entity.

Warning: Are you already a corporation?

If you are already a corporation, don’t do anything until and unless you consult a tax professional. There can be serious tax implications when changing to another entity. While it can still be useful to go through the process of determining the best entity for you, if you decide on another entity, be sure you consult with your accountant or tax attorney before switching.

Entity Comparison Chart