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Results of Follow-Up Survey for Participants of the Business Structure Curriculum

Rob Holcomb

Summary

In Minnesota, farming entities are becoming more sophisticated. In the 2017 Census of Agriculture, families or individuals represented over 85 percent of Minnesota farms, followed by partnerships at over 6 percent. This dynamic is changing. Nationally, the Internal Revenue Service data shows a significant growth in the use of business entities. From 2004 to 2013, S corporations increased by 21 percent. Limited liability companies (LLCs) increased by 55.9 percent during that same period.

As part of this ERME-funded project, the University of Minnesota Extension offered a series of practical and in-depth workshops on farm business entity structures in partnership with the Minnesota State Agriculture Centers of Excellence and Farm Commons.

This presentation will focus on the results of a follow-up survey targeting business entity workshop participants attending workshops from 2021 through 2023. This curriculum was an ERME-funded project titled, "I need to choose WHAT? Why the right business entity is important to my farming operation."

The follow-up survey aims to identify long-term impacts and outcomes from the ERME-funded project.

Details

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