Agriculture-involved LLCs and trusts require certain key steps that aren’t necessarily included in other LLCs and trusts. Omitting these keys steps can be fatal to the LLC or trust’s operation.
While some law firms do take these key steps for agriculture-involved LLCs and trusts, not all do. Don’t assume the steps are being taken unless your lawyer explicitly tells you that they are.
After LLC or trust documents are prepared and filed (for LLCs), there are certain, additional key steps that must be taken if the LLC or trust will be involved in almost any aspect of agriculture.
Many of those steps are the same as if the LLC or trust was not agriculture related. However, a slight transition-related mistake in non-agriculture LLCs or trusts may be more forgivable as a matter of law and practicality than a mistake associated with an agriculture related LLC or trust.
Read more about the key steps for agriculture-related LLCs and trusts in Lee’s article in the Lima News here: Legal-Ease: Key steps for agriculture-involved LLCs and trusts
Source: LimaOhio.com, “Legal-Ease: Key steps for agriculture-involved LLCs and trusts,” by Lee R. Schroeder, August 10, 2019
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.