Congrats! Your business is expanding. You may be wondering...
If you’re asking yourself this question, you’re at an exciting point in your farm or ranch business! Maybe you’ve added a value-added good like sauerkraut or preserves to your offerings, or you’ve entered into a farm store collaboration with friends. Perhaps you’re considering transferring business ownership of a non-farm venture to a friend or family member. Or maybe you have a friend who just created separate LLCs for their farm and their new brewery and you’re wondering if you should do the same for your orchard and cidery.
Regardless of what this next chapter looks like for you, non-agricultural additions to your services or operation call for a reconsideration of your current business structure. It is possible that your new venture, partnerships, or succession plans would be better served with a new business structure, separate from your existing one. Why? Because separate entities can protect one business’ assets from another business’ liabilities. Additionally, the process of setting up an additional entity can improve operational efficiency and communication, especially if multiple owners are involved.
This worksheet will guide you through key questions and considerations as you decide whether forming a new or additional business structure will serve your legal resilience needs and goals. By the end of the worksheet, you will have clear next steps to support your business’ growth.