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Non-Cattle Specific Topics
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Setting up a Livestock LLC
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<blockquote data-quote="Texas PaPaw" data-source="post: 326373" data-attributes="member: 2905"><p>LLC will require another set of bookeeping, tax returns, liability insurance policy, etc. and they will still come after you personally. The biggest beneficiaries will be your accountants & lawyers.</p><p></p><p>Would suggest instead that you buy higher farm & auto liability limits. Should be able to buy a 1 million $ farm/personal umbrella liability policy for $200-300 year. Each additional million should be a little cheaper. This additional insurance costs me less than the accountant's fee for an additional tax return, not to mention the extra bookkeeping, LLC insurance.</p></blockquote><p></p>
[QUOTE="Texas PaPaw, post: 326373, member: 2905"] LLC will require another set of bookeeping, tax returns, liability insurance policy, etc. and they will still come after you personally. The biggest beneficiaries will be your accountants & lawyers. Would suggest instead that you buy higher farm & auto liability limits. Should be able to buy a 1 million $ farm/personal umbrella liability policy for $200-300 year. Each additional million should be a little cheaper. This additional insurance costs me less than the accountant's fee for an additional tax return, not to mention the extra bookkeeping, LLC insurance. [/QUOTE]
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Setting up a Livestock LLC
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