HomeMy WebLinkAboutZurich Citizens News, 1972-12-21, Page 9THURSDAY, DECEMBER 21, 1972
ZURICH CITIZENS NEWS
PAGE 9
SUSAN KELLER,
TITL PANELIST
Opera singer, actress, world traveler and blonde beauty Susan
Keller appears each Monday night at 9:30 p.m., on CBC Tele-
vision's This is the Law series as a regular panelist. Miss Keller,
a native of California, lives in Toronto and has toured both
Canada and the US extensively as a member of the Canadian
Opera Company.
n our menu of
wishes for you are
second helpings of
happiness, friendship
and joy. Thanks.
-Season's Greetings
from
Peter and Anna Proll
DOMINION HOTEL
MAIN INTERSECTION - ZURICH
"Home of Hospitality and Fine Food"
Simple farm
operating
agreements
(by J.J. Hagarty, Ontario
Ministry of Agriculture and Food,
Stratford,)
Keep it simple. "Good ad-
vice" you say, "but, oh so
difficult to achieve." One look
at the 600 pages of the new
Income Tax Act would lead
you to believe that the age of
simplicity is gone forever.
Why did they make the new
act so complicated? Obviously
the old act was full of loopholes.
It had to be complex to insure
that those who can afford a
staff of accountants and lawyers
also pay their fair share of tax.
No doubt there are still loop-
holes. But it may be cheaper
to pay the tax than to hire all
of the specialists.
Will these new tax laws mean
the end of the family farm? I
don't think so --unless farm fam-
ilies allow it to happen. Father
and son have to be very honest
with one another and see each
other's viewpoint. They can
organize some form of business
structure acceptable to all
concerned.
Basically there are three diff-
erent methods of organizing a
father -son farm business, (1)
Partnership; (2) Coporation; (3)
Farm Family Business Agree-
ment.
None of these have to be
complicated. Any one of them
can be made very complicated.
Each one has its place, depend-
ing on the individual family
situation. By now you may have
heard those who favour only one
method. Usually you will note
they take examples and apply
it to a given situation. Some-
times they forget that there are
other situations. Just remember
it is very easy to catch "tunnel
vision." Some people call it
"not seeing the forest for the
trees."
The creation of a corporation
establishes a separate and legal
entity quite distinct from that
of the persons who become
members of it. This separate
corporate existence provides for
(1) limited liability; (2) ease of
ownership transfers; (3) contin-
uous existence; (4) ease of
management among numerous
individuals; (5) the possible
separation of ownership and
management.
The introduction of the new
Income Tax Act has prompted
many farmers to re -consider
this organizational structure.
Normally father holds Prefer-
red Shares (fixed value) and
may or may not hold some of
the Common Shares (growth
value). The son (s) normally
Lighted Trees
Cause Excitement
The story is that Martin Luther
created the first lighted Christ-
mas tree- our most cherished
symbol of the Yule season next
to Santa Claus.
Looking out of a window on
Christmas Eve in a castle where
he was a guest, he saw the stars
shining brightly through the
boughs of a giant fir tree. One
very bright star stood in the
firmament at the top of the
tree. So Luther chopped down
a small fir in a forest near the
castle and brought it inside. He
secured candles which he put on
the tree with the largest one
at the top --the Star of Bethleherr
Today, Christmas lighting is
part of our Canadian way of life
and we have a huge variety of
lighted decorations from which
to choose.
hold the majority of the Com-
mon Shares. A corporation once
established can be kept fairly
simple. Shares can be sold and
transferred at any time.
Future articles will discuss
partnerships .and farm family
business agreements.
Star of wonder .. .
star of light! As the shepherds
found the Child, so may you find peace.
DOERR'S SUPERIOR STORE
MILFORD and ELSIE DOERR
MRS. FRIEDA MOORE ALBERT CLAUSIUS
MRS. LEONA RADER ROBBIE DOERR
LOIS DOERR
(he spirit of
Christmas is in the
air, ringing
out joy and good
will. We take
this time to extend
to all greetings and thanks.
•
a d
HURON MOTOR PRODUCTS
Pontiac - Buick - Cadillac
ZURICH