Many bankruptcies allow you to keep your land and other vital assets while restructuring your debt. Chapter 12 bankruptcies are designed specifically to assist farmers and let them keep their land.
The first and most important step is devising a will. Liquidating your goods and distributing them is not as complex as passing on your farming operation intact. You should strive to resolve as many practical issues as possible during the estate planning process; which siblings will stay on the farm, distribution of work, ownership and profit, and any other questions which could cause conflict during the probate process. The process may be simpler if you have incorporated your farm, and ownership of the corporation can be transferred. The importance and complexity of this issue means that you should consult a lawyer with experience in agricultural estates.
A production contract is a legal agreement between a producer and a contractor. It requires the producer to deliver a set amount of goods on a given date and requires the contractor to pay a set amount of money. This gives agricultural producers access to capital and wider markets, while protecting against market variations. It gives contractors a guarantee of supply and influence over the production process. Production contracts are governed by state and federal regulations, as are other contracts in the agricultural industry. An understanding of basic contract law is invaluable when running any business – especially an agricultural one, where a single contract can determine the success of a year’s work.
Employers must comply with a wide range of local, state, and federal laws. These laws govern virtually every aspect of employment, from wages to benefits to workers’ compensation and workplace conditions. Every jurisdiction has different laws, and agricultural operations have many special exemptions. You should consult an agricultural law attorney in your area to be sure you understand the regulations that apply in your situation.
That depends on a couple of factors. First, your jurisdiction may or may not hold that you have a general duty of care to protect anyone on your land. If your jurisdiction’s liability laws depend on the classification of visitors, your liability depends on whether the person was invited and whether you received economic benefit from their presence. You can also be held liable for events or activities on your land which harm other landowners.