Below we have outlined what you need to accomplish for class session 7. Don't forget that you need to be working on your business plan on the Ag Plan website as you are going through Chapter 7 exercises. We want you to be able to asses some of the risks you will face as you are starting your new farming enterprise and also understand how you can mitigate those risks. In particular, we want you to understand how to use business structure, insurance, certifications, and regulatory understanding to start your business on the right path.

Things to do:

• Business Plan Review and Managing Risk-

For Homework

• Read Chapter 7: Chapter 7 Risk Management
• Complete the take-home assignment: Session 7 Take-Home Activity
• Complete the following sections in Ag Plan:
  • Ownership Structure
  • Licenses, Permits, and Registration
  • Risk Management
  • Environmental Issues

AG Professional Resources

Please note that NC State, NC State Extension, N.C. Cooperative Extension, CALS does not endorse any of these professionals as individuals, their businesses, or their associates for the services they may or may not provide to you. The links below are provided for informational purposes only and not for legal or financial advice. There is no knowledge regarding their ability to provide help to you other than their listings.

NC Ag Lawyers, through AVVO website

NC Crop Insurance Companies

CPA for Hemp AND Agribusiness Clients

Understanding Agricultural Risk

• Past guest speaker on risk management presentation you may want to review from Andrew Brenan: Andrew Brenan NC State Extension
• Risk and Resilience in Agriculture
• Andrew Brannon Agribusiness Law Website

Basic Business Structure Guide

• Basic Business Structure

Marketing Risk

• Managing Marketing Risk

Production Risk

• Managing Production Risk

Certifications Help

• NCSU Certifications Publication
• special claims meat production

Regulatory Help

• NC Farm School Regulatory Contacts Guide

Insurance Guides

• Federal Government Insurance Plans:
  • Vegetable Growers
  • FSA Fact Sheet
• Extension Insurance Guide:
  • NCSU CROP INSURANCE GUIDE

Tax Resources

• Past Guest Speaker Guido Van Der Hoven presentation on tax forms: Guido van der Hoeven NC State Extension
• NC Ag Sales Tax
• Updated Sales Tax Clarification
• Sample IRS Depreciation Form 4562
• Sample IRS Schedule F
• NC Sales and Tax Use Bulletins

General Risk Management Resources

• USDA Risk Management Checklist
• Get Help Thinking Through your sources of risk:  http://www.wnc.edu/files/departments/ce/sci/risk_management-curtis.pdf
• University of California Risk Management Publication: http://ucanr.edu/sites/placernevadasmallfarms/files/142865.pdf
• New England Risk Assessment Tool: http://www.smallfarm.org/uploads/uploads/Files/risk.pdf