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| Ficticious Barns; I need to name mine | |
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| Tweet Topic Started: May 26 2009, 11:32 PM (459 Views) | |
| gracetw22 | May 26 2009, 11:32 PM Post #1 |
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Off visiting Candy Cave, be right back.
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OK, so in some complex financial scheme that I have no ablility to understand, my horse must be owned by an LLC. The thing is set up, has been set up forever. However, it's going to come into a bit more use soon (monogramming and labeling of show items) and I need to know if it's offensive. I hated it at first and it's grown on me since. Opinions? The joke is that it's based offshore. As is the gulfstream.
Edited by gracetw22, May 26 2009, 11:33 PM.
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| Kikki | May 26 2009, 11:46 PM Post #2 |
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It'll be an adventure! We're going on an adventure!
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Its fine. These things can get so complecated! My LLC is just my initials. But if you have to make more of a production about it that might not work. Had a friend that had one, Equine Endevors. Then you can just attach something like your intitals to Investments if you want. Just depends on how legit it must sound. I think the simpler the better just so it doesn't draw attention anywhere - keeps questions down, which can get annoying to constantly answer! |
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| Pirateer | May 27 2009, 03:32 PM Post #3 |
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Schooling
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I like it... another option "Offshore Equestrian, LLC" |
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| TarynJ | May 27 2009, 03:50 PM Post #4 |
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Guiding your way to Candy Mountain, since 1873.
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Ok, so can someone explain to me the advantage of creating a company to own your horses...? I've heard of it before, but don't understand why. Taxation? Estate planning? |
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| jn4jenny | May 29 2009, 02:14 PM Post #5 |
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Is the meadow on fire?
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I don't think it'll draw suspicion, and it's cute! However, Gulfstream is the name of a swanky luxury jet company, so if you show in the hunters, you may get some annoying questions from others about whether you're affiliated. Especially if your barn colors are royal blue and white, which are Gulfstream's logo colors (I think)! |
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| gracetw22 | May 30 2009, 08:10 PM Post #6 |
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Off visiting Candy Cave, be right back.
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Of course we're affiliated, dahling. Really my horse was my G5, I had to pick. *pouts* ETA: the concept is just like a degree of seperation, legally. So let's say lego were to hurt someone or get loose and cause a car accident, the insurance company would go after of the owner of the horse, which is a random company with liability insurance that is really worth nothing, so they hit that rather than my dad's bank account. Make sense? Edited by gracetw22, May 30 2009, 08:11 PM.
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| Kikki | May 31 2009, 09:58 AM Post #7 |
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It'll be an adventure! We're going on an adventure!
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Have y'all just looked in to getting regular liability insurance on him? I have it as part of my equine policy and my unbrella policy I carry also covers horse incidents. LLCs are good if you are using it as a business for tax purposes. But then you have to show actual profit every few years. Ours was set up for various reasons and serves little purpose since my grandfather died and we will disolve it at some point. The LLC doesn't completely protect you from lawsuits with animals because the handler of the animal can also be found liable. And its just one more tax return to file, and when the LLC is audited it is a REAL pain. What we are going to do when we disolve the LLC is make sure the horses are completely in my name, I have liability insurance on him, and I also have an umbrella policy to cover handler suits. Sides, they can sue away - I'm poor! Nothing, including my house, is in my name. |
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12:28 PM Jul 11