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Starting a Brand New Business--Advice...

Reality TVClubHouse Discussions: General Discussions ARCHIVES: May 2010 ~ August 2010: Career Group: Starting a Brand New Business--Advice Sought! users admin

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Archive through July 26, 2010Whoami25 07-26-10  11:35 am
Archive through July 29, 2010Escapee25 07-29-10  8:59 am
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Hukdonreality
Member

09-29-2003

Thursday, July 29, 2010 - 9:23 am   Edit Post Move Post Delete Post View Post Send Hukdonreality a private message Print Post    
Escapee, you also should probably check out whether you want to run as a DBA or as an LLC or something. Even though you'll have insurance coverage, let's say someone gets seriously hurt and it taps out your insurance limit. The person can then sue you personally if you're a DBA. With an LLC, the corporation takes the hit, not you personally. But the LLC is expensive to get, may require a lawyer to draw up the formation of it, and at least around here, must be published in the classified ads.

Little kids move quickly, and there isn't any way to predict whether one will go off the opposite side of the pony and land on their head or something. Not trying to be negative here, just letting you know that opening a real business (especially one where there can be injuriees) is something you should put some thought into before jumping willy-nilly.

Escapee
Member

06-15-2004

Thursday, July 29, 2010 - 9:24 am   Edit Post Move Post Delete Post View Post Send Escapee a private message Print Post    
What corporation?

Hukdonreality
Member

09-29-2003

Thursday, July 29, 2010 - 9:33 am   Edit Post Move Post Delete Post View Post Send Hukdonreality a private message Print Post    
An LLC is a Limited Liability Corporation. I'm just suggesting you figure out whether you want to open an LLC or just do a DBA (doing business as). As I said above, with a DBA, you can personally be sued and lose everything you have. With an LLC, your personal assets are kept separately from your business ones and you won't lose them to some sue-happy customer.

Escapee
Member

06-15-2004

Thursday, July 29, 2010 - 9:33 am   Edit Post Move Post Delete Post View Post Send Escapee a private message Print Post    
Ah, I see.

Karuuna
Board Administrator

08-31-2000

Thursday, July 29, 2010 - 9:38 am   Edit Post Move Post Delete Post View Post Send Karuuna a private message Print Post    
It is best to start with a corporation, at the very minimum, an LLC, with such a high-risk business. Hukd is correct that even if you have insurance, you can be personally sued for injuries. Should the plaintiff win, you could lose everything - your house, your savings...all of it.

However, even with an LLC, you must set it up carefully to limit your personal risk. You must be *extremely* careful not to mix personal and business assets, for example, do not allow anyone to write checks to your personal name, they must be made out to the name of the business, and deposited in your business checking account.

I don't want to be a 'cold-water' thrower, but I also know that horse businesses around here are considered high risk insurance businesses. There are several state laws that must be followed, and even if you have someone sign a limit of liabiity, they can still sue you for negligence. The risk limits of those agreements do not absolve you of making a mistake that could prove very costly.

So, I would get some legal advice before proceeding, personally. Good luck!

Hukdonreality
Member

09-29-2003

Thursday, July 29, 2010 - 9:44 am   Edit Post Move Post Delete Post View Post Send Hukdonreality a private message Print Post    
I felt sort of bad telling you things that seem negative, but opening a business isn't as easy as just registering the business with your county and then selling rides.

I'm in New York state and have my own business. Around here, I can't even have a relative volunteer to help, they would have to be considered an employee. It's fraud if I did that. Secondly, if you have even one employee, here you have to supply worker's compensation insurance and NYS disability insurance to that worker. As a business owner, at least for the first year, you will have to file taxes quarterly. That brings up the issue of collecting California taxes from your customers, which entails getting a tax collection certificate from your state. Oh, and when you're self employed, you pay double FICA taxes since you are both the employer and employee.

There is a lot to look into, but if you have a great idea, take your time and set yourself up for success.

Escapee
Member

06-15-2004

Thursday, July 29, 2010 - 9:48 am   Edit Post Move Post Delete Post View Post Send Escapee a private message Print Post    
No cold water, no worries, I appreciate all you are helping me with!

Julieboo
Member

02-05-2002

Thursday, July 29, 2010 - 12:28 pm   Edit Post Move Post Delete Post View Post Send Julieboo a private message Print Post    
We have an LLC and it was very inexpensive. But we are just a graphics/writing freelance business with no real threat of injury to our clients....

Julieboo
Member

02-05-2002

Thursday, July 29, 2010 - 12:30 pm   Edit Post Move Post Delete Post View Post Send Julieboo a private message Print Post    
A little offtopic, but here is something everyone can do to help some wild horses...

http://www.theanimalrescuesite.com/clickToGive/campaign.faces?siteId=3&campaign=ASPCAHorses&origin=ARS_FACE_FAN_ADGROUP_TAKEACTION_HORSES+

Escapee
Member

06-15-2004

Thursday, July 29, 2010 - 12:37 pm   Edit Post Move Post Delete Post View Post Send Escapee a private message Print Post    
Barking up the wrong tree with me Julieboo, I own a BLM mustang and I love her! She was caught wild in 2002 in N. California.

The BLM is about conservation of the lands and the horses. Horses aren't 'huntable' like other wild animals, therefore to preserve the lands, the safety of these animals, rounding up the horses and removing them where they are adoptable is important.