If you have decided to form a Limited Liability Company (“LLC”) or Family Limited Liability Company (“FLLC”), you should strongly consider creating an Operating Agreement. In New York, the Operating Agreement must be executed within 90 days of forming your LLC. Farms and food entrepreneurs are discouraged from using an online form as the Operating Agreement should be tailored to …
What’s the Skinny on Limited Partnerships?
As I noted in this post, a limited partnership is choice of entity that could be utilized by a farm or agri-business. With limited partnerships, there are two classes of partners: (1) general partners and (2) limited partners. This differs from a general partnership in several ways. The general partners are really the ones “running the show” by controlling most …
Does Your Farm or Agri-Business Need To File a Certificate of Assumed Name?
Many farms and agribusinesses operate as a DBA (“doing business as”) or an “assumed name.” Many businesses in the state of New York, including those involved in the food and agriculture industry, are not properly registered. Pursuant to Section 130 of the NY General Business Law, no person or entity can “(i) carry on or conduct or transact business in …