Portage River Farm

A portion of the last two days has been spent filling out paperwork and setting things up so that our farm can officially be declared a business. As of today, Portage River Farm is registered with the State of Michigan and the IRS as a member directed Limited Liability Corporation. Janet and I are now owners and officers of that corporation and she generously allowed me to be the President! Gee, I feel so important!

My first official act from my high seat of power was to open up a business checking account for the farm and get a credit card for purchasing our materials and supplies. This will greatly simplify our bookkeeping since up to now it has all been mixed in with our personal finances and I've had to separate it out onto a ledger each month.

On behalf of the farm, I also applied for a business loan for the tractor and implements we are interested in buying. We should have the answer tomorrow. I'm not very confident that we will get approved because the business itself hasn't established any credit with the bank but the banker seemed to think it would be ok. It was a little odd to answer questions on the application such as filling in the farm's projected net profit for the year of $0.00! I'm sure that will get the underwriters excited...not!