Good afternoon Nathaniel, I know this sounds like a broken record, but you asked for advice so I will put on my attorneys hat for this one. I've performed some Partnership (The only ship that wont float lol) and LLC work for business clients AND NO TWO SITUATIONS WERE EVER THE SAME. What was perfect for Billy Bob may be the exact opposite of what was best for Bubba, so ask yourself, do you want to do what Billy Bob did or what Bubba did or someone here did,,,,OR WOULD YOU PREFER A BUSINESS PLAN SUITED TO YOUR SITUATION ONLY??
Ive also seen familys split up and feud something awful and all HILL break loose when things go wrong so ESPECIALLY with a family situation, so that's THE MOST IMPORTANT TIME WHEN YOU NEED A BUSINESS PLAN AND ORGANIZATION (when family is involved lol)
Depending on the assets and real estate and family members involved, Id be thinking NOT a Partnership and more likely a Corporation versus an LLC with well devised by laws and structure and voting rights and meetings and plans if things go bad and buy out arrangements and each persons rights and duties etc etc. This is NOT for the timid or Billy Bob or Bubba to work through or give advise or do what Jimmy Joe or someone here did, THIS REQUIRES A TRAINED COMPETENT PROFESSIONAL who knows the law inside and out and takes the time to figure all your wants and needs etc. and ONLY THEN then suggest a plan.......NOT based on a sentence on a forum board............
Sure, that will cost some bucks versus doing what the neighbor or your brother in law or someone here did, BUT CONSIDER THE INVESTMENT AND THE RISK INVOLVED (moreso with family) and consultation with a local trained attorney MAY BE THE CHEAPEST INVESTSMENT YOU MAKE.
FINALLY MY BEST FREE ADVICE IS DO NOTTTTTTTTTTT do what I advise as I have no idea of your situation nor researched your states laws,,,,,,,,DO NOT do what Billy Bob or Bubba or anyone here suggests, what may be perfect for them could be the OPPOSITE of what's best for you.
Id look for a local attorney who practices in the areas of business law and corporations and LLC's and is also familiar with tax issues. Its not hard, just find one and set up an initial consultation (often free or inexpensive) and then you can talk and listen and decide to hire him or her or go elsewhere OR YOU CAN DO WHAT SOMEONE HERE SUGGESTS. You can also go to the Library and get LLC or Corp forms and do it yourself or go to like Legal Zoom etc and again do it yourself.
Its your money your risk and your choice and I think you know what's best, there, thats the best advice I can offer as an attorney .......... HIRE AN ATTORNEY LOL
DISCLAIMER: This is an opinion, it may be right it may be wrong, just like ALL other opinions here, be they lay or professional, take it or leave it.
Best wishes, God Bless and Happy New Year to ya. Good luck with the farm
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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