No, all members must be related individuals or one of the following:
- A trust for the benefit of an individual or a class of individuals who are related to every member of the limited liability company within specified degrees of kinship.
- An estate of a decedent who was related to every member of the limited liability company within specified degrees of kinship.
The members must be related within one of the following degrees of kinship:
- First cousin; or
- The spouse of a person so related.
No, but at least one member must be actively engaged in farming or ranching.
No, but at least one member must reside on or be actively engaged in farming or ranching.
Only members who are actively engaged in farming can serve as governors or managers of a farm limited liability company.
No, a farm limited liability company must be actively engaged in farming.
Yes, however 65% of the gross income over a period of five years, or every year of its existence, must be derived from farming. The income from nonfarm rent, nonfarm royalties, dividends, interest, and annuities cannot exceed 20% of the gross income of the limited liability company.
Yes, the limited liability company can be maintained if an amendment is filed to convert the farm limited liability company to a business limited liability company after the land and livestock have been divested.
Yes, however, the farm limited liability company must divest of all livestock and owned or leased land since only a farm limited liability company may own or lease land used for farming or production of livestock.
Yes, however, 65% of the gross income of the surviving farm limited liability company must be derived from farming.
No, a farm limited liability company may be organized in another state as long as appropriate documents are filed with this office and North Dakota requirements such as those relating to the number and kinship of members; residency on, or operation of, the farm or ranch; and percent of income derived from farming or ranching are met.