Limited Liability Company: A Farm Business Arrangement Alternative

Mary Meehan-Strub and Philip E. Harris

No 12628, Staff Papers from University of Wisconsin-Madison, Department of Agricultural and Applied Economics

Abstract: During the last decade of the twentieth century, a new and unique business entity alternative emerged - the limited liability company (LLC ). Prior to that the sole proprietorship, partnership, and closely held corporation were the basic ways to organize a farm business. Effective January 1, 1994 , Wisconsin allows the formation of LLCs under chapter 183 of the Wisconsin Statutes. This form of doing business is likely to be the choice of many small businesses that would have chosen the partnership or S corporation form of doing business. When properly formed, LLCs give the limited liability of corporations but the tax characteristics of a partnership, and control over participation in management.

Keywords: Farm; Management (search for similar items in EconPapers)
Pages: 22
Date: 2004
References: Add references at CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/12628/files/stpap473.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:wisagr:12628

DOI: 10.22004/ag.econ.12628

Access Statistics for this paper

More papers in Staff Papers from University of Wisconsin-Madison, Department of Agricultural and Applied Economics Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().