Farm Business Plan Worksheet
If you're going it on your own, you're eligible to create a sole proprietorship. If more than one person will be liable, you'll need to register as some form of partnership. However, you might want to separate yourself from your business so you're not personally responsible for debts, legal obligations and other issues. In that case, you'll need to form a corporation. Small businesses, for example, usually register as Limited Liability Corporations. It's wise to meet with a professional tax adviser before you make your decision.
Depending on your situation, you might be able to secure a loan or even exercise the option to take on several at the outset. Any type of assistance depends on credit approval, and your credit approval depends on your credit score. There are no guarantees when you apply for a private or small-business loan.