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Friday, October 18 is the next date for our Farm Office Live webinar, featuring agricultural law and farm management updates from our OSU Farm Office team of experts. Join us at 10:00 a.m to hear from these speakers on our October topics:
Fall Crop Insurance Update - Eric Richer
Drought Assistance - David Marrison
Written by Tyler Zimpfer, NALC Law Fellow with the OSU Agricultural & Resource Law Program
We are excited to announce that the Ohio Farm Resolution Services (OFRS) has been recertified by the USDA and will begin its second year of operation. OFRS is part of the USDA’s certified mediation program which provides the opportunity for each state to establish an agricultural mediation service. This program, established under the Agricultural Credit Act of 1987, provides a cost-effective, voluntary, and confidential alternative for resolving a wide range of issues affecting the agricultural community.
In our last blog post, we explored how an LLC affects liability when owning machinery. However, liability isn’t the only consideration when evaluating the benefits of an LLC for your machinery. In this article, we'll focus on the tax implications of establishing a machinery LLC. As with most legal and tax strategies, there are both advantages and disadvantages to weigh before making a decision.
Section 179 Deductions
By: David Marrison, OSU Extension Field Specialist, Farm Management
Barry Ward, Leader, Production Business Management
Writing this feels like déjà vu. It feels like we’ve lived through this before and for good reason. The article I wrote last year about significant increases in Current Ag Use Value of farmland can be repeated almost word for word.
A common question related to farm business planning is: should I put my machinery in a separate LLC for liability protection? Like most answers to legal questions, the answer is “it depends”. Let’s discuss this issue further.
The fifth season of our Farm Office Live webinar will kick off at the Farm Science Review next Thursday, September 19, 2024. Grab a cup of coffee and join us from 10:00 a.m. to Noon for updates from the legal and farm management experts on OSU's Farm Office team.
Here are the topics we'll address live from the Farm Science Review:
By: David Marrison, OSU Extension Field Specialist - Farm Management and Aaron Wilson, OSU Extension Ag Weather and Climate Field Specialist
Attorneys, business developers, and accountants will soon gather in Columbus, Ohio, to learn about cooperative law under the theme “Building a Cooperative Economy Together" on September 17 and 18, 2024. National and regional experts — including Terry Lewis, Esq., and Dr. Jessica Gordon Nembhard, both members of the Cooperative Development Foundation’s Cooperative Hall of Fame — will lead sessions about the foundations of cooperative law and advanced topics like bylaws drafting, tax considerations, and capitalization tools.
