incorporate
Printed From: Unofficial Allis
Category: Allis Chalmers
Forum Name: Farm Equipment
Forum Description: everything about Allis-Chalmers farm equipment
URL: https://www.allischalmers.com/forum/forum_posts.asp?TID=51718
Printed Date: 23 Aug 2025 at 12:50am
Software Version: Web Wiz Forums 11.10 - http://www.webwizforums.com
Topic: incorporate
Posted By: ToddSin NY
Subject: incorporate
Date Posted: 07 Jun 2012 at 6:10am
| Has anyone incoporated their farm? I'm thinking of doing this. Can anyone give me the pros and cons? |
Replies:
Posted By: cornbinder
Date Posted: 07 Jun 2012 at 6:33am
|
my dad and i are talking about doing the same thing. we are gonna get some advice from our accountant ------------- D-19 gas w/f-sold 185-d yr round cab 95 mustang gt 5.0 86 mustang 5.0 coupe 3 99 f-250 7.3 4x4's 96 f-250 7.3 4x4 |
Posted By: ctbowles58
Date Posted: 07 Jun 2012 at 7:07am
|
i talked about it once but you have to have a president -VP-sectary- and monthly mettings so i was told by a lawyer if you Inc. other options are a LLC. or a TRUST ------------- 190XT 2WD45 WF D15 D14 CA BIG10 302 & 303 bailers 77G rake 80R mower 6 plows and alot more |
Posted By: Stan IL&TN
Date Posted: 07 Jun 2012 at 7:11am
|
We did the land trust route. ------------- 1957 WD45 dad's first AC 1968 one-seventy 1956 F40 Ferguson |
Posted By: Brian F(IL)
Date Posted: 07 Jun 2012 at 7:35am
|
You need the advice of a good, honest attorney.
They're sometimes hard to find, but I know of a couple.
 |
Posted By: Nathan (SD)
Date Posted: 07 Jun 2012 at 9:13am
|
Seems like the mega farmers around here are going to putting the land in a trust and then forming a corporation to do the farming. One guy I am most familiar with, then buys all his equipment in his name and then leases it to the farming corporation. That way the corporation( which is the biggest liability creator) has no assets other than crops in the field ( that the bank has liens on) and all his personal income is rental income which isn't taxed for SS. |
Posted By: KenBWisc
Date Posted: 07 Jun 2012 at 9:44am
|
Your Cornell Extension likely has a farm law specialist who can provide you with information and advice.
------------- '34 WC #629, '49 G, '49 B, '49 WD, '62 D-19, '38 All Crop 60 and still hunting! |
Posted By: Bull
Date Posted: 07 Jun 2012 at 2:10pm
| I would suggest that you have a joint meeting with your accountant and attorney. |