May 4, 2017
On today's show, we've got Amber Miller, an agricultural law attorney from Lubbock, Texas. Amber is a Partner at the law firm of Crenshaw Dupree & Milam in Lubbock, where her practice focuses on agricultural law. On the podcast, we focused on considerations for farms and ranches when it comes to utilizing business entities in their operations.
As we discuss, there is no one-size fits all entity for farmers and ranchers, and there are even situations where one family might utilize multiple different entities. Amber says that, generally in her practice, folks are interested in business entities are looking for a way to organize management of their operation or are interested in liability limits.
We take the time to talk through four commonly used business entity structures in agriculture: general partnerships, limited partnerships, LLCs, and corporations. Amber and I discuss the pros and cons of each, outline the filing requirements and other documentation that should be drafted, and we talk about how various entities may impact federal farm program limitations.
Lastly, Amber offers an excellent reminder that regardless of your set up--whether you have no entity in place, use one of the above, or use another entity type that we did not discuss--having a good liability insurance policy in place is vital for every farm and ranch owner.
When asked for one law she would like to see changed, Amber stuck with her West Texas roots and said she'd like to see cotton added back as a listed crop under Title 1 of the Farm Bill.
Last, but certainly not least, she offered a couple of restaurant recommendations. She is a huge fan of The West Table located in downtown Lubbock, and also mentioned being friends with the owner of Lucy's in Austin, which she says has the best fried chicken around!
Contact information for Amber Miller:
Links to topics mentioned on the show:
- Should Your Ranch Be Incorporated or Not Fact Sheet
- Texas Secretary of State website (The Certificate for Formation form may be found here for any entity)