Hello Friends,
Hope everyone survived the family gatherings and took advantage of the sales at your local farm store the day after Christmas. You can never have too many magnetic flashlights, gloves and Twizzlers.
As you continue to finish up your year-end business, let’s review some things.
Rental agreements
It’s always a good idea to get them signed and dated so that you have current ones on file not only for your records but for the Farm Service Agency program files as well.
Business Plan
This is how your farm is conducting business. Are you a sole proprietor? Or a partnership or an LLC or a corporation?
It is important that you take a serious look at who is doing labor, furnishing capital and doing management. Keeping your farm operation records up to date will make the transition from generation to generation cleaner.
If you are changing from a sole proprietor to a different entity, this is the time of year to get it done. We have the forms available if you want to take them home to fill them out.
Reconstitutions
Have you purchased additional land or sold off a corner? These are all the types of farm record changes that need to be discussed at the local Farm Service Agency office.
Yes, it plays into your farm records and possible base acres so let’s start the year on the right foot. As you roam the aisles of the farm store, and you meet your landlords, be sure to arrange meeting times to wrap up the end of year farm paperwork.
Oh, yea. The best buy I made was a phone charger for every tractor. … Looking forward to seeing you at the Farm Service Agency office in 2018.
Wishing you and your family a Happy New Year!
That’s all for now,
FSA Andy
