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ALEI Business Structures Webinar Series Continues Thru August
Have you had a chance to tune in for the ALEI 2022 August webinar series?
The series started on August 1 and runs through August 31, 2022. The webinars cover major considerations for farm entrepreneurs when deciding how to structure a farm business. A farm’s business structure affects daily operations, taxes, the ability to have multiple investors, succession planning, and personal liability exposure. Farm owners should be sure they choose a business structure that gives them the right balance of legal protections and benefits according to their business goals. All are welcome to attend. However, the webinars will be particularly valuable for beginning farmers.
The webinars are scheduled each Monday in August, 12:00 - 1:00 PM ET. A bonus session is also scheduled for Wednesday, August 31 (12:00 - 1:00 PM EST). If you missed the first three webinars, you can catch up by watching the recordings on ALEI’s video page.
So far this month, attendees have heard from three knowledgeable presenters. Tope Fajingbesi of Dodo Farms, a farmer, certified public accountant, and an experienced advisor on farm business management, spoke about her experience running a general partnership, including their top concerns and tips for growers organized as sole proprietors or general partnerships. Heather Yeung, Esq. with Kagan, Stern, Marinello & Beard, provided an educational discussion on estate planning tools for business succession and when a business may want to consider restructuring. Yesterday, Robert Barron, Associate Commission of Property & Casualty Division of the Maryland Insurance Administration, spoke about finding an insurance agent and determining the type of coverage your business may need to manage risks and comply with state regulations.
Three more speakers are lined up this month to discuss accounting and tax considerations and take a closer look at specific business structures.
August 22: Understanding Tax & Accounting for Your Business Structure. Small Business Consultant and Certified Public Accountant Chukwunwike Onuaku (The W2 Group, LLC) will cover the basics of business accounting and the tax implications associated with the various business forms. Anyone with questions about business tax filing or how to choose an accountant for a farm business won’t want to miss this session!
August 29: Putting It Together – Social Enterprises, Nonprofits, Cooperatives. This session will include a discussion comparing social enterprises, nonprofits, and cooperatives. Attendees will hear from Kenya Miles of Blue Light Junction, who will discuss their business journey establishing a social enterprise farm and dye studio in Baltimore, including why they chose a social enterprise over a nonprofit structure, the biggest challenges to date, and potential planning for a cooperative operative in the future.
August 31: Putting It Together with Butterbee Farms, LLC. This session will begin with a quick recap of the characteristics of an LLC business - one of the newest but most popular business structures due to the flexibility it can provide for management and succession planning. Laura Resnick of Butterbee Farms, LLC will discuss their business journey establishing an LLC, including why they chose an LLC structure, the biggest challenges, and lessons learned.
Registration is free. Anyone interested in attending the sessions can register online at https://www.eventbrite.com/cc/alei-august-webinar-series-2022-403099 or contact Megan Todd at motodd@law.umaryland.edu.