Whether it is a corporation, partnership trust or individual business all the income goes back to a tax id number. And since you are the owner it would all go back to you to report on one income tax form. No tax advantage.
I have 2 accounts one farming and one personal but they all get combined on one tax form. Only reason for it is so the wife writes checks out of one account and me the other but we can both write out of either. It's just easier to keep track of balances with one person writing out of each account.
With 3 business accounts you will be forever transferring money back and forth into and out of accounts so that one account or business doesn't have to borrow money.
Forget the accounting headaches and run it as a one farm operation. It all ends up the same.
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Today's Featured Article - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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