A webinar about transitioning to a Limited Liability Company (LLC) will be held Thursday, Sept. 22, 2016 at 1 p.m. at various University of Wisconsin-Extension offices across Wisconsin. This webinar is the second in a series of webinars from UW-Extension that focuses on a variety of farm succession topics.
The Limited Liability Company (LLC) is a business entity that combines attributes of a corporation and a partnership. The LLC provides liability protection of a corporation but with the flexibility and tax advantages of a partnership. Many farm succession professionals suggest LLCs to farm businesses exploring farm succession options.
This workshop is for both the owner and successor generations to learn about the tax implications and succession options of LLCs. Kari Apel, CPA and CEO of Apel Associates, is the guest speaker for this webinar. Webinar topics include:
- Why form an LLC?
- Choosing a tax structure for an LLC
- How an LLC changes the annual tax filing process
- Determining which assets to put into the LLC
- Transferring LLC interests by sale or gift
- Guaranteed payments, owner draws and distribution of profits
The following UW-Extension offices are hosting this webinar. Please contact the local office for more information and location of the webinar nearest you.
- Black River Falls, contact UW-Extension Jackson County - 715-284-4257
- Chippewa Falls, contact UW-Extension Chippewa County - 715-726-7950
- Elkhorn, contact UW-Extension Walworth County - 262-741-4961
- Juneau, contact UW-Extension Dodge County - 920-386-3790
- Medford, contact UW-Extension Taylor County - 715-748-3327 ext. 1
- Menomonie, contact UW-Extension Dunn County - 715-232-1636
- Merrill, contact UW-Extension Lincoln County - 715-539-1078
- Montello, contact UW-Extension Marquette County - 608-297-3136
- Oconto, contact UW-Extension Oconto County - 920-834-6845
- Portage, contact UW-Extension Columbia County - 608-742-9687
- Sparta, contact UW-Extension Monroe County - 608-269-8722
- Waukesha, contact UW-Extension Waukesha County - 262-548-7700
- Waupaca, contact UW-Extension Waupaca County - 715-258-6231
- Wausau, contact UW-Extension Marathon County - 715-261-1230
- Wautoma, contact UW-Extension Waushara County - 920-787-0416
The farm succession webinar series continues into this fall and through early spring of 2017. Future dates and topics are:
- Oct. 27, 2016 Overview of succession planning Joy Kirkpatrick, Center for Dairy Profitability (1-3 p.m.)
- Nov. 17, 2016 - How Big is Your House? - How Big Does It Need To Be? Financial analysis for succession planning Kevin Bernhardt, UW-Extension farm management specialist (1-3 p.m.)
- Jan. 26, 2017 - Estate planning Bridget Finke, Attorney, Bakke Norman Law Offices (1-3p.m.)
- Feb. 23, 2017 Long Term Care: Planning for My Future Needs Steve Shapiro, Medigap Insurance Specialist, State of Wisconsin Board on Aging and Long Term Care and the Wisconsin Office of the Commissioner of Insurance (1-3 p.m.)
- March 23, 2017 Medicaid Eligibility and Recovery Anthony Schmoldt, Attorney, Schmoldt Law Office (1-3 p.m.)