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Consider Business Structure
Just like any other company, owning an aquaculture business carries legal and financial risks. Before applying for a lease, it’s wise to establish a business structure that insulates you (and your personal assets) from legal or financial risk.
Questions
Business Structure
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Aquaculture businesses must comply with a suite of laws that apply to fishing, farming, employment, and food safety. Different activities fall under different state and/or federal jurisdictions depending on what the activity is and where it happens. It is wise to establish a legal business structure that insulates you and your personal assets from legal and financial risks.
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The most common business structure is a Limited Liability Company or LLC.
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It's best to consult a legal expert to determine an approach that’s right for your business. Many businesses have found it beneficial to create a legal entity prior to applying for a lease and then make the new legal entity (for example The Blistering Barnacles Oyster Company LLC) serve as the ‘applicant’ on the lease application.