New business

Ok ya'll I am in the process of planning to go legit with a new business. I've been looking into starting an LLC to protect myself and what little assets I have but was wondering if there are any other options.

A little background, It's is not equipment related but I train horses on the side and my wife trains and gives lessons, she has now started giving lessons on one of our horses. It seems as though we caught a break and now it is really starting to take off and we are starting to get a good name and have gotten where people are scheduled out a couple months in advance. We are also starting to make decent money at it which is where the LLC comes in. We have been working on a mostly cash basis, but that is harder and harder to deal with in today's society where no one carries much cash on them. We are going to have to at least start a business account as we are afraid on an audit. Just looking for advice from anyone who has started an LLC.

Call Markel insurance and get a several million dollar umbrella. You are going to get sued at some point, Make sure you have contracts drawn up and clear business lines drawn. Don't ask me how I know.

I'll look them up. Thanks. One thing I did forget to mention, is that we do not work out of our own facility, nor do we have plans to in the near future. We have been working on contracts, and liability releases. We make everyone sign one for every horse they send to us and every student my wife teaches.

Make sure you do your legal research. Someone that is injured is going to want their bills paid for one way or the other. I'd make sure the facility owner has an insurance policy and I'd take out my own liability as well. Make sure you have a lawyer check over everything to make sure there are no glaring loopholes. I will caution you that there is nothing cheap with horses and there sure isn't much money involved. My wife tried it for 10 years and is bailing out. Good luck.

I didn't think there was any money in it, but there is good money in certain areas of it. Especially if you can get a good reputation. I broke colts most of my life and at one time was planning on doing only that, but they shut down the kill markets and horse prices fell out of the bucket unless you had papers to back one up. Now the price gap is so huge its unreal. Some real good horses go dirt cheap because they aren't papered, and some real trash stock go sky high just because of breeding. I just kind of fell out of it because I didn't want to get into the show horse side of things, but now I get to start colts, and she finishes them for customers. There is no money in owning them though unless they have a job like an old lesson horse or leasing them to a client. I do have an attorney to look over all paperwork, and The facility owners have insurance as well. They are also big into performance horses, just the other side of it.

I wish you well with it. I know I don't care for anything in the horse business anymore after 10 years of it. I still like the foals, that's about it.

I appreciate it. I had gotten that way myself after getting banged up for half my life. Took a break for almost 10 years and started missing it. The wife talked me into starting training horses again and I told her I was gonna go all the way if I was gonna do it.