Chapter2.docx - Chapter2 the farm and food system Family...

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Chapter2: the farm and food system Family farms family farms are incorporated for three reasons: a corporate form of organization can be used to transfer farms to others at a lower cost than other forms of business organization employee benefits such as social security and unemployment insurance and tax deductible for the corporation, but not an individual proprietorship a corporation can separate management from ownership in order to reduce liability of both management and owners classifying farms by value of farm products sold sales > $100,000 – expanding class produced 82% output received 62% of government support payments off-farm income $37,392 per farm classifying farms by value of farm products sold sales btwn $20,000 and $99,000 produced 14% of output received 26% of gov payments off-farm income – $63,396 per farm classifying farms by value of farm products sold sales less than $20,000 non-commercial class off-farm income – %49,678 vertical coordination
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