It’s no secret; if you do not get paid for your horse training, boarding, or professional services, you will not be in business for long.
People often spend a huge amount of money purchasing show horses. Some buy for investment purposes, while others merely for pleasure. Regardless of your reason for purchasing the show horse, the purchaser wants to ensure they get what they pay for. In order to protect your investment, several steps can be taken prior to the purchase of the show horse.
Q: I am preparing to lease out my 12-year-old Dutch Warmblood gelding for the first time, and, while I know and trust the lessee, I’ve heard horror stories of leased horses coming back entirely unsound or unusable. Is there anything I can do to help protect myself and my horse from that scenario?
Q: I have a nice four-stall barn and outdoor ring at home where I’ve kept my two horses for years. Now, I’d love to make a little extra income by boarding an additional horse or two. Legally, is there anything I need to do before I take my first boarder?
The days of selling a horse with a handshake and cash on the barrel are long over. There is no such thing as a cheap horse, even if bought at a low price. If the horse doesn't work out, people understandably get disappointed, and some get angry.
Armand Leone is an attorney by trade and no stranger to the court room, but when he leased a horse in 2012 that became injured, he was involved in a lengthy and expensive arbitration for which he hired a lawyer. After giving endless “horses 101” lessons to his counsel before any progress could be made on his case, Leone realized there was an opportunity for him to help his fellow horsemen. As a result, Leone Equestrian Law was born in 2014.
It's that time of year again - TAX SEASON! And, penalties for failure to follow the tax law have been increased and made tougher over the past few years.
Stallion syndications have long been a part of the horse industry. While still prevalent in the Thoroughbred and race horse industries, most show horse breeds, including Arabians, have seen the presence of the stallion syndication dramatically decrease or disappear over the past ten to fifteen years.
If you're in the horse business, you're probably also in the kid business. A child (minor) is a person under the age of 18. Children occupy a special place in the eyes of the law. Dealing with the Child. A child cannot enter into a legally binding contract for the purchase of goods or services unless the goods or services are regarded as "necessaries."
The manner in which a taxpayer carries on a horse racing or breeding activity is one of the most important factors in determining whether the activity qualifies as a business rather than a hobby for tax purposes under current IRS regulations. An increasingly favorite form of doing business is the general partnership, which is the subject of this article.The manner in which a taxpayer carries on a horse racing or breeding activity is one of the most important factors in determining whether...