I have a small farm that is my side job, it makes about 15000 a year, is there any benefits from a LLC??

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I have a small farm that is my side job, it makes about 15000 a year, is there any benefits from a LLC??

2006-10-06 04:37:09 · 2 answers · asked by truck drivin farmer 1 in Business & Finance ➔ Small Business

2 answers

Limited Liability Benefits - Yes
Tax Benefits - No

2006-10-06 04:39:41 · answer #1 · answered by Wayne Z 7 · 1⤊ 0⤋

Yes, the primary benefit of a LLC is that it limits the exposure to liabilities strictly to those assets belonging to the LLC. That means creditors or people filing lawsuits against you can't come after your house or other assets outside of the LLC.

The income it produces is really not a determining factor in whether you should create an LLC. It's all about protecting assets and reducing liability.

2006-10-06 04:40:38 · answer #2 · answered by aint_no_stoppin_us 4 · 1⤊ 0⤋