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Joanne Rigutto

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since Dec 19, 2012
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Recent posts by Joanne Rigutto

If a farm is operating as a business, profit (in money generated) is essential. I farm for a living and, being a sole proprietor, the profit generated from my business is what constitutes my wages, at least according to the IRS and my state tax department. Were I an LLC or corporation, that profit (which would be what was left over after I paid my wages and any wages or fees from employees or contractors working out here) would be what goes to expanding/improving the business, and as an operating fund to tide the business over in times of loss.

People working as employees also need profit. Profit (on the personal level) is what enables a person to put money in the bank in the form of savings (or investments) to tide one over in times of financial hardship.
8 years ago