When did you become a business?

[TTBHG]

My herd count is starting to get bigger. I've always funded everything out of my personal bank account. At what point did you start a business to protect yourself? I'm guessing I need to incorporate and start a business checking account, etc.

When did you decide to make that decision?

 

[TennesseeTuxedo]

My herd count is starting to get bigger. I've always funded everything out of my personal bank account. At what point did you start a business to protect yourself? I'm guessing I need to incorporate and start a business checking account, etc.

When did you decide to make that decision?

2012. We formed an LLC.

 

[sstterry]

My herd count is starting to get bigger. I've always funded everything out of my personal bank account. At what point did you start a business to protect yourself? I'm guessing I need to incorporate and start a business checking account, etc.

When did you decide to make that decision?

You need to talk to a tax expert and a lawyer. There are many different ways to protect yourself and lessen taxes. Being a corporation is not always the best avenue.

 

[Bigfoot]

Everybody needs a second checking account for farm expenses. Not everybody needs to incorporate.

 

[Rafter S]

Everybody needs a second checking account for farm expenses. Not everybody needs to incorporate.

I agree. I've had a separate checking account for cattle stuff for decades, but that's it. If you're making your living with cattle it might make sense to incorporate, but otherwise I don't see why you'd need to.

By the way, I do have a pretty big liability insurance policy that covers my place and the rent pastures.