Limited Liability Companies (LLC) are a creature of statute, recognized in each jurisdiction only by virtue of a legislative enactment in each state. There are three aspects of the LLC that are enticing for new businesses: (1) it can be taxed as a partnership, as a corporation (if such an election is granted by the I.R.S.), or as a disregarded entity if there is only a single member; (2) it is an extremely flexible form of business both in terms of options when creating the business and options about how it is to operate; and (3) it offers all members limited liability.

Learn more via the recently completed 4-page, 4-color RISK CONCEPTS series, covering seven common forms of business ownership, including Limited Liability Companies.

Several RISK CONCEPTS bulletins covering alternative forms of business structure were recently posted and are available for download at: RightRisk.org/riskconcepts.

The Enterprise Risk Analyzer via RightRisk Analytics tool is one of over 30 individual risk analysis tools developed by RightRisk and available free of charge at:RightRisk.org\analytics.

 
The Sole Proprietorship is the simplest business form under which one can operate a business. The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name.

Learn more via the recently completed 4-page, 4-color RISK CONCEPTS series, covering seven common forms of business ownership, including the Sole Proprietorship.

Several RISK CONCEPTS bulletins covering alternative forms of business structure were recently posted and are available for download at: RightRisk.org/riskconcepts.

 
The Forage Risk Analyzer tool was developed to help the livestock owner and the land owner understand all the contributions each of them have made to their livestock grazing lease arrangement. It can be used to help design a fair and equitable lease between two parties. It can also be used by a single party to better understand the full set of components that contribute value to their forage resource.

The Forage Risk Analyzer tool is one of over 30 individual risk analysis tools developed by RightRisk and available free of charge at:RightRisk.org\Analytics.

 
Youth are often hired by farmers, ranchers, and other agricultural producers to perform labor or services in return for wages or other remuneration. The federal child labor provisions, authorized by the Fair Labor Standards Act (FLSA) of 1938, also known as the child labor laws, were enacted to ensure that when young people work, the work is safe and does not jeopardize their health, well-being, nor educational opportunities. The FLSA establishes minimum ages for covered employment in agriculture, unless a specific exemption applies.

Learn more via the recently completed 4-page, 4-color Ag Help Wanted UPDATE: What are the U.S. Regulations for Child Labor in Agriculture?

Several Ag Help Wanted updates were recently posted to the website companion for Ag Help Wanted: Guidelines for Managing Agricultural Labor and are available for download at: AgHelpWanted.org/updates.

 
The Risk Scenario Planning tool provides a template for decision-makers to enter the financial effects of making proposed change(s) to their operation. It then adds the ability for the decision-maker to further refine estimates for input values as uncertain numbers. This produces a more robust analysis of the proposed change and a more thorough understanding of the possible outcomes if the change is implemented.

The Risk Scenario Planning tool tool is one of over 30 individual risk analysis tools developed by RightRisk and available free of charge at: RightRisk.org\Analytics.

 
The Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, recordkeeping, and youth employment standards affecting employees in the private sector and in federal, state, and local governments. The Wage and Hour Division (WHD) of the U.S. Department of Labor (DOL) administers and enforces the FLSA with respect to private employment, state and local government employment, and federal employees.

Learn more via the recently completed 4-page, 4-color Ag Help Wanted UPDATE: What are U.S. VISA Requirements for Agricultural Workers?

Several Ag Help Wanted updates were recently posted to the website companion for Ag Help Wanted: Guidelines for Managing Agricultural Labor and are available for download at: AgHelpWanted.org/updates.

 
RISK management strategies are generally designed to do one of four things: 1. avoid the risk; 2. transfer the risk outside the business; 3. control the risk within the business or 4. accept the risk as a part of doing business.

One of the main benefits of a strategy is that it forces you to identify what you are trying to accomplish, to think about how you will measure progress, and how you will evaluate how well the strategy is working overall.

Results are important, but even good risk management strategies don’t come with guarantees. Strategies can fail for a number of reasons. Sadly, one of the most common reasons strategies fail is the lack of commitment to the strategy across time.

The Evaluating Risk Strategies course is available free of charge at: RightRisk > Courses.

 
A CITIZEN of a foreign country who seeks to enter the United States generally must first obtain a U.S. visa, unless a visa is not required for individuals from that country of nationality. The visa is placed in the traveler’s passport, a travel document issued by the traveler’s country of citizen­ship. Certain international travelers may be eligible to travel to the United States without a visa, if they meet the requirements for visa-free travel. The type of visa a person must obtain is defined by U.S. immigration law and relates to the purpose of travel.

Learn more via the recently completed 4-page, 4-color Ag Help Wanted UPDATE: What is the Fair Labor Standards Act in Agriculture and How Does it Apply to Me?

Several Ag Help Wanted updates were recently posted to the website companion for Ag Help Wanted: Guidelines for Managing Agricultural Labor and are available for download at: AgHelpWanted.org/updates.

 
RISK is uncertainty that matters. Future events are unknown to us due to two, separate and distinct factors: variability and uncertainty.

Variability means alternatives or different outcomes in the future purely due to the effects of chance. Uncertainty refers to our lack of knowledge about the future. One of the biggest hurdles to good decision making is the separation of variability and uncertainty.

Risk management can be generally defined as taking deliberate action to shape the variability of the outcomes, the consequences, or both for any management decision that might be made. This is accomplished by applying one or more risk controls.

A list of common risk controls is available at
RightRisk.org, see: RightRisk.org\controls.