Please join the National Young Farmers Coalition and the Democracy at Work Institute for a webinar on how cooperative businesses are helping to build local food economies and support young farmers in creating new markets, reaching new customers and building sustainable, rewarding farm-based enterprises.
LLCs are easy to form and very flexible. Because of this, writing an operating agreement can help a farmer think through all the details of how to address investments, profits, and losses. Good bookkeeping is also important to optimize a farm’s tax situation. What’s the situation? Farmer Espen formed his business as an LLC so […]
The recent Midwest Organic and Sustainable Education Service (MOSES) conference featured a host of workshops, including some specifically intended for young farmers. The Young Organic Stewards program, for example, included presentations on topics ranging from marketing and business to the use of social media to promote a business. Those addressing the financial side of farming […]
Farmers have the option to form their business as a limited liability company, an entity that offers liability protection to the farmer’s personal assets. Filing is fairly easy after you learn a few key words in the Articles of Organization. What’s the situation? We have a friend named Espen. Espen has years of intern experience […]
Farming is a business and a way of life. But, if a farmer is expecting liability protection for her personal assets, she might want to keep the distinction between personal and business matters clear, at least when it comes to accounting. What’s the situation? After pondering how risky a farming career can be, and the […]
Farmers who want to work together to make a profit might risk their personal assets if they form a general partnership. General partners are jointly and severally liable for the business debt. The problem is that a group of farmers can form a partnership without ever realizing they’ve just taken on that liability. What’s the […]
The profitability of organic farms in Minnesota improved in 2010 after a tough year in 2009, according to a new report by the Minnesota Department of Agriculture (MDA). The median organic farmer received an income of $62,463 in 2010, which was more than six times the median income in 2009 and consistent with those in […]