The Miller brothers (Jack, Bill, and Evan) are about to fulfill a life-long dream. They are buying a thousand acre farm and plan to grow cotton. Seeking independence, they are not interested in bringing in any outside owners. They have obtained financing from the Farm Credit Bureau that will allow them to finance the purchase of the farm and some equipment. The brothers are realistic and expect to work very long hours. However, they have a few critical decisions left to make.
The Miller brothers are not sure how to organize their business. What are their options in terms of legal form?
Describe the advantages of each of the forms of business ownership identified above.
Describe the disadvantages of each of the forms of business ownership identified above.
Which form of business ownership would you recommend for the Miller brothers? Why?
Should the Miller brothers' farm be considered a small business?