A farm's setup can significantly impact its daily operation and profitability.
Farmers don't just grow food because they enjoy it; they farm to provide their community with good food and good jobs while stewarding the earth's resources. Does that mean the nonprofit business structure is a good choice for a farm? This webinar session tackles that question, while also addressing other business structures that incorporate social benefits, including benefit companies and social purpose entities. From wealth-building limitations to IRS criteria and the influence of a board of directors, the session breaks down the decision-making factors that farmers need to consider.
Presenter: Rachel Armstrong, Farm Commons
About the Legal Training for Illinois Small Farms Webinar Series
University of Illinois Extension serves Illinois' farmers and ranchers, helping producers manage risk for their operation and livelihoods. With the converging crises of the COVID-19 pandemic, unpredictable environmental hurdles, economic hardships, and ever-changing agricultural legislation, the most innovative agricultural professionals need support.
To meet this need, Extension is partnering with Farm Commons legal educators to host four live webinars specifically geared to Illinois farmers. Each webinar runs from 6 to 7 p.m. with 45 minutes for the presentation and 15 minutes reserved for question-and-answers led by Extension and Farm Commons staff. There is no cost to attend, but registration is required for all events at go.illinois.edu/FarmLegalSeries.
Additional Series Sessions
Feb. 10 | Forming an LLC
If you or your producers are curious about the details of an LLC, you’re not alone. Most farmers choose the LLC as their preferred business structure. The good news is that forming one is quite simple. But at the same time, farmers and ranchers need to know a few keys to ensure they get the benefits they’re expecting from this entity. In this session, presenters will do a quick recap of why an LLC is a good risk management tool, before going into how to form one, which best practices to implement after it’s formed, and regular obligations to keep the LLC in top legal shape. Farmers who have had an LLC for years will learn some things about how to preserve their resilience. Presenter: Farm Commons
April 14 | Land Leasing Basics
Leasing farmland is so commonplace that landowners, farmers, and ranchers may not think twice about the lease itself until things go wrong. Prevent problems with a strong lease while building a path to a resilient future. This online session will help individuals understand what a lease should include and how to put it in writing. Get started with the tools, knowledge, and skills needed to create a strong document that works for individual needs, whether a landowner, rancher, or farmer. Presenter: Farm Commons
June 9 | 5 Steps to Protect Your Farm, Legally Speaking
Are there a few key steps that provide a big impact when it comes to the farm or ranch’s protection from legal risks? Yes, there are, and every farm or ranch, of any size, location, or longevity, is in a great position to build resilience. Join the final webinar session of the series to build knowledge and confidence around essential farm law issues. Presenter: Farm Commons
