Excerpt from the December 2017 issue of Heels Down Magazine.
By Jessica Sutcliffe
A common question horse owners have is whether they should create a Limited Liability Corporation (“LLC”) for their horses. This can be advantageous for a horse owner for several reasons.
An LLC is a type of designation for a business. One of its most beneficial qualities is that it provides protection for a horse owner in the case of some type of lawsuit. Second, an LLC legitimizes your horse business. Having your horses under an LLC shows that your activity with horses is more businesslike than a personal hobby. This is particularly useful if you are planning to claim the expenses that come with owning horses on your tax return as business expenses. Having an LLC will show the IRS that you are, in fact, treating your horse-related activities as business activities.
Read the full article and much more in the December issue. Download the Heels Down Magazine app in the iTunes AppStore: http://apple.co/1QicprS or Google Play for Android phones and tablets: http://bit.ly/1sXQV75. Don’t forget, the first issue for new subscribers is FREE for 30 days, and we now offer annual subscriptions with two issues free!