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 - A Farmall Restoration Story - What's Been Done So Far - by Sean Brinston. This is a story of my first real tractor restoration. My name is Sean Brinston and I was 15 almost 16 at the time of this.My neighbour directly across the road who I had helped with hay all the time had this tractor sitiing at his house for what I thought was 6 years. Finally I got the money and courage to ask him. I phoned him and he said it was already sold, eight years ago!
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