We're Officially In Business

[ZiaLand]

After several long talks and strategy-sessions with our CPA, we are now officially in business as Rising Star Thoroughbreds, LLC. The name was a natural. Our ranch has been called the Rising Star for nearly 18 years. It was actually named for a very large, very bright star that rises over South Mountain each night, and that we since discovered is actually the planet Venus. (I have now found out there are at least two other Rising Star Thoroughbreds :::sigh:::)

Here's a technical question for others that may be operating LLCs or Corporations. One of our first moves will be to "purchase" stock in our LLC by transfering our mares to the business. Does anyone know if it's necessary to do a transfer of ownership on their registrations with the AJC as well?

Much thanks,
Laurie

[SymRanch]

welcome to the world of corporate paperwork!

yes, you'll need to transfer the horse ownerships to the LLC (you can use the online form)

your accountant will probably ask you to value the horses at the time of transfer, in order to establish your contribution to the business and to set an inventory value. This will also help set your depreciation schedules for your breeding stock.

if racing, you'll need to be sure your racing licenses are now in the name of the LLC so that all purse money goes to the right entity. This is also true if registering any stallions for state-bred incentive programs, and for future foal registrations. (it's really important the LLC "owns" the mares now so that they will be the breeder of record at foaling. if you have breeders incentives in your state, they usually have to be paid out to the breeder. you don't want that as unexpected PERSONAL income later.)

the main thing is to establish a CLEAR division between you personally, and your corporation. From now on you do not want your name on anything, anywhere, other than as a "contact" It takes a lot of careful dilegence to make sure you don't accidentally put your own name where it same "name" on a lot of these forms.

(and this business is supposed to be glamorous?!?)

[BJ]

After several long talks and strategy-sessions with our CPA, we are now officially in business as Rising Star Thoroughbreds, LLC. The name was a natural. Our ranch has been called the Rising Star for nearly 18 years. It was actually named for a very large, very bright star that rises over South Mountain each night, and that we since discovered is actually the planet Venus. (I have now found out there are at least two other Rising Star Thoroughbreds :::sigh:::)

Here's a technical question for others that may be operating LLCs or Corporations. One of our first moves will be to "purchase" stock in our LLC by transfering our mares to the business. Does anyone know if it's necessary to do a transfer of ownership on their registrations with the AJC as well?

Much thanks,
Laurie

Congratulations Laurie! Great name to live up to!

SymRanch's advice sounded right on.

[nferro9925]

Congratulations Laurie on your new LLC and venture!!

In the words of Mr Spock - Live longer and prosper!

Nancy

[nferro9925]

Congratulations Laurie on your new LLC and venture!!

In the words of Mr Spock - Live long and prosper!

Nancy

[ZiaLand]

Thanks so much for the advice, encouragement and best wishes.

We hope "to boldly go" where no New Mexico breeding program has gone before.

Laurie

[BJ]

Thanks so much for the advice, encouragement and best wishes.

We hope "to boldly go" where no New Mexico breeding program has gone before. :wink:

Laurie

Turf racing?

[onalimb]

congrats and best wishes.

[roving boy]

Do you intend to breed to race? I know the NM program is awesome!

[ZiaLand]

Roving Boy, our short term plans are to breed for the in-state yearling sales and hopefully get some additional return from the NM breeders incentives. But we may keep a filly or two to race ourselves or in partnership.

Laurie

[Chestnut Gal]

All the Best to you, that's wonderful. Wishing you many years of success and may all be safe and sound always.