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May a farm limited liability company engage in business activities other than farming?

April 26, 2017activities Business engage farm farming limited liability company

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May a farm limited liability company engage in business activities other than farming?

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Yes, however 65% of the gross income over a period of five years, or every year of its existence, must be derived from farming. The income from nonfarm rent, nonfarm royalties, dividends, interest, and annuities cannot exceed 20% of the gross income of the limited liability company.