How does a small family farm become a corporation?

Question

The majority of farm subsidys go to business's who have become corporations - while the small family farmer recieves little in comparison. How does the small farm officially turn itself into a corp.?

Answer 1

You first need at least five natural persons to be incorporators. First find out the requirements. You need to draft the articles if incorporation according to the requirements of the corporation code. The Securities and Exchange Commission is the agency which handles such matters.

Answer 2

You should talk to a lawyer or accountant.

You apply to the state to form and register a corporation. In my state (Georgia), the Secretary of State has a department that deals with Corporations. But for an established farm, you have to figure out how to get the assets into the corp.

I don't think being a corporation will get you more subsidies, but it might have some benefits. The subsidies have to do with the number of acres, and learning about and applying for the right programs.

Answer 3

You have to start a corporation and turn all assets over to the corporation. Need an accountant for this and then you need to check what conditions are needed to be met for subsidies. Being a corporation wont necessarily allow you subsidies.