Establishing a Horse Business (Book Excerpt)

Owning horses can be a serious business for some people or a pleasant hobby for others. There is no legal requirement that a horse operation must be classified as a “business,” but if you plan to operate a commercial boarding stable,
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Owning horses can be a serious business for some people or a pleasant hobby for others. There is no legal requirement that a horse operation must be classified as a “business,” but if you plan to operate a commercial boarding stable, give riding lessons, breed or race Thoroughbreds, sponsor an Olympic hopeful, or get favorable tax treatment, establishing your horse operation as a business is the first logical step.

There are a variety of ways to own and operate a horse business, from the very simple to the very complicated. The process can be as straightforward as setting up shop on your own as a sole proprietor or as complicated as forming a “C” corporation with officers, directors, investors, and a maze of attendant paperwork. There are advantages and disadvantages to each type of ownership, and your first step should be to consult an attorney and an accountant for advice on the most suitable course of action. There is no one “best” way to own a business, and the approach you choose will depend on the facts and circumstances unique to the situation.

You should keep in mind that this is a very broad definition of “business.” A single horse, for example, can be the owner’s entire business.

The Basics

Determining the best way to operate a horse business is not a task to be undertaken lightly

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Milt Toby was an author and attorney who wrote about horses and legal issues affecting the equine industry for more than 40 years. Former Chair of the Kentucky Bar Association’s Equine Law Section, Toby wrote 10 nonfiction books, including national award winners Dancer’s Image and Noor. You can read more about him at TheHorse.com/1122392.

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