Family farm limited liability company definition

Family farm limited liability company means a limited liability company which meets all of the following conditions:
Sample 1Sample 2Sample 3
Family farm limited liability company means the same as defined in section 9H.1.
Sample 1Sample 2Sample 3
Family farm limited liability company means a limited liability company founded for the purpose of farming and the ownership of agricultural land in which the majority of the membership interests is held by and the majority of the members are natural persons, or current beneficiaries of one or more family farm trusts in which the trustee holds an interest in a family farm limited liability company related to each other within the third degree of kindred according to the rules of the civil law, and at least one of the related persons is residing on the farm, actively operating the farm, or the agricultural land was owned by one or more of the related persons for a period of five years before its transfer to the limited liability company, and none of the members is a corporation or a limited liability company. A family farm limited liability company does not cease to qualify as a family farm limited liability company because of:
Sample 1Sample 2Sample 3

More Definitions of Family farm limited liability company

Family farm limited liability company means a limited liability company founded for the purpose of farming and the ownership of agricultural land in which the majority of the membership interests is held by and the majority of the members are natural persons, or current beneficiaries of one or more family farm trusts in which the trustee holds an interest in a family
Sample 1Sample 2
Family farm limited liability company means a limited liability company founded for the purpose of farming and the ownership of agricultural land in which the majority of the membership interests are held by and the majority of the members are persons or the spouses of persons related to each other within the third degree of kindred according to the rules of the civil law, at least one of the related persons is residing on or actively operating the farm, and none of the members are corporations or limited liability companies. A family farm limited liability company does not cease to qualify as such because of a devise or bequest of membership interests.
Sample 1
Family farm limited liability company means a lim­ ited liability company which meets all of the following conditions:
Sample 1
Family farm limited liability company means the same as
Sample 1

Related to Family farm limited liability company

  • Foreign limited liability company means an unincorporated entity formed under the law of a jurisdiction other than this state and denominated by that law as a limited liability company.

  • Limited liability company means a limited liability company formed under Chapter 1705 of the Ohio Revised Code or under the laws of another state.

  • Foreign limited liability partnership means a partnership that:

  • Limited liability means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

  • Family farm corporation means a corporation founded for the purpose of farming agricultural land in which the majority of the voting stock is held by and the majority of the stockholders are persons or the spouse of persons related to each other within the fourth degree of kinship, according to the rules of the civil law, and at least one of the related persons is residing on or actively operating the farm, and none of whose stockholders are a corporation. A family farm corporation does not cease to qualify under this division where, by reason of any devise, bequest, or the operation of the laws of descent or distribution, the ownership of shares of voting stock is transferred to another person, as long as that person is within the degree of kinship stipulated in this division.

  • Foreign limited partnership means a partnership formed under laws other than of this state and having as partners one or more general partners and one or more limited partners.

  • Limited partnership means a limited partnership registered or formed under any law in force in Singapore or elsewhere;