Legal Question in Wills and Trusts in Illinois

What is the advantage of forming a LLC for inherited farm

Asked on 10/12/17, 8:10 pm

1 Answer from Attorneys

Virginia Prihoda Law Offices of Virginia Prihoda

Typically, the advantage of forming an LLC is to act as a shield against personal liability. Whether to form an LLC is only one of the questions you should review with an accountant, financial advisor and/or attorney. Do you intend to operate the farm? Sell it? Will other individuals besides yourself become owners? What about farm financing? Will you have employees? What are your financial and family goals for the farm? Who handled the accounting for the farm on behalf of the decedent? If you have no experience working on a farm you're going to need a lot of help. If you are experienced, you still need trusted advisors.

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Answered on 10/12/17, 8:36 pm

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