Looking for a resource....

[xl95th]

On how to set up a small farming business..i.e. what type of corporation to register as ( S Corp, Partnership, etc), EIN number, things like that.

I know this is a fairly broad question but any help would be appreciated.

Thanks!

XL

 

[2nstonge]

The best resource when starting out is to schedule your lawyer and accountant for an hour consultation - preferably in the same room at the same time. It's short money in the long run. Lay out your business plan and have a list of questions ready. They should be able to give you the right answers for your situation before you leave the room.

Some pre-reading for you at Small Business Administration.

Good luck!

-Norm

 

[Wiens]

I'll second what Norm said. And ASK LOTS OF QUESTIONS!!!

Kevin

 

[riptides]

Well BEFORE you go spending money, why not query your county and state ag-officials. Since they are part of the tax collection system, yet strive to attract business, they should have a wealth of information for you.

-Mike Z. /forums/images/graemlins/grin.gif

 

[rox]

xl95th,
Probably one of the best things my husband did was hire an accountant that specialized in accounting for restaurants, before he bought his first restaurant. Then when we moved to France we had to really work it before he found an accountant that specialized in farming. You will spend more time and money on an accountant than you will on lawyers, well... hopefully!

i would even say start first by talking with an accountant, then after that an attorney. Really work to find an accountant whose primary work is doing accounting for farmers. Ask what percentage of his clients are farmers.

You might want to look for these types of resources for your area and the type of farming you are interested in.

http://coststudies.ucdavis.edu/

 

[RonR]

To me, the lawyer is less important initially than the accountant.

When I started a side biz, my CPA/buddy gave me a lot of good advice on the pros/cons of what I was thinking. Most of his clients are business owners, so he is way familiar with that segment.

He suggested what I needed to do, and how to go about it. Initially, it cost me two nice lunches with him to discuss biz plans. And mostly, his fees were the cost of doing my taxes.

Ron