The information listed below has been supplied by dairy marketers and other industry organizations.
The information provided here has not been edited, verified or endorsed by Hoard's Dairyman.

Exploring Tax Implications and Farm Succession Options of an LLC Live webinar Thurs., September 22

farm family 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.)

Contact: Joy Kirkpatrick, Outreach Specialist, UW Center for Dairy Profitability, 608.263.3485,

Return to Industry Buzz.