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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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