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Horse farm in SC

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  • Horse farm in SC

    Hey- my friend and I are trying to start a business officially. We are both 17 years old. Our business will include horse boarding, training, and we will both teach riding lessons. We've been doing these things for a while already and have all the equipment/knowledge to start.

    However, there are many liabilities involved in any farm business and we are both from sizable families and have no interest in being sued! IS PURCHASING INSURANCE NECESARY AND / OR A GOOD IDEA? And if so (which I suspect is the case) does anyone know ballpark figures for what that insurance will cost us? We are still covered by our parents' personal and life insurance accounts, or whatever they are called.

    Also, any general ideas for success are welcome

  • #2
    You definitely need insurance and you should consider incorporating a LLC, limited liability company. All you need is one person to fall off their horse, break their neck and end up like the late Christopher Reeves and you could potentially lose everything.

    Katherine
    @MyGoGal.info
    www.mygogal.info

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    • #3
      That's what I was afraid of/ thinking.
      My friend has been operating for a couple years without insurance or anything, and she's not thrilled with the idea of having to buy it because she doesn't see the need since she hasn't needed it yet and she'd rather keep the money as profit.
      With that and some other like issues I'm reconsidering going through with the partnership, even though we've talked about it for over a year, she really doesn't seem to want to go anywhere with the business, just keep it the way it is.

      thanks so much!

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      • #4
        If you are age 17, you need to have a parent or legal guardian sign off on things on the business, since you technically are not able to contract not being at the age of majority. After you are at the age of majority, you can start the business yourself, but should check to see if there are local licensure or state registration requirements, and also check into and get business insurance.

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        • #5
          Thank you. Yes, our parents are very involved( in EVERYTHING lol) and would sign off on stuff. It was my dad's idea to get insurance.

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