Problem: Glenda is 21 years old. She is about to graduate from the Diploma Agricultural program. She is an only child. She grew up on a 2400 acre grain farm. Her father passed away and her mother has been renting the land out. All of the property was left to her mother. Glenda's mother works as a teacher in town and had only a minimal involvement in the farming operation. The lease agreements end before the next planting season. Glenda and her Mom are going to farm the property. Glenda has no assets of her own and her Mom sold all of the equipment when her husband passed away. Glenda would like to utilize custom work (seeding, harvest, spraying) for the first few years while she builds up her experience and credit worthiness. Glenda has a boyfriend but it is not serious. She has stated that "She will think about marriage once the farm is up and running".
Question: In your opinion, what is the best ownership structure for this farm? What should Glenda do to plan for the future?