After a week off (sorry Paul messed up on scheduling), the podcast is back with a discussion on business organization structures on the farm. Paul is joined again by Ashley Ellixson to discuss their publication on various types of business structures and how those structures can be utilized on farms to limit liability and act as a farm succession tool.
When starting a new business enterprise with friends or family, how to wind the business down upon a falling out, death, or other terminating event are not considered. But how to wind down the business is a critical part of the business. A recent decision by the Court of Special Appeals of Maryland highlights the need for family farm partnerships to have plans on how to wind down the partnership upon the death of a partner. In this episode, Paul walks you through this court decision and how you can better plan for the future.