Your farm business structure should be appropriate for your farming operation, some have complex ownership structures and there can be a misunderstanding about which entity owns on-farm and off-farm assets.
Your farm operating structure is generally not a set and forget, with periodic reviews of your existing business structures to ensure they meet your business and family objectives.
The focus of farm business structuring
Asset protection and tax minimisation generally form the focus of farm business structuring. Having the correct structure, with separation between business, land and personal assets minimises the risk and exposure of your personal assets. You want your personal, land and off farm assets protected from the operation of your farm enterprise.