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Choose A Business Entity That’s Right For You

Your selection can ease the liability risk if something goes wrong


Pictured Above: Sole proprietors might have a financed vehicle and some tools but don’t carry a high personal asset risk.

The following article is based on Mary Bramley's presentation at the 2018 International Hoof-Care Summit. To watch the presentation, click here.

Working for yourself has its benefits. You control the schedule and choose the clients/discipline you’ll work for. But self-employment isn’t without challenges. You’re responsible for all the financial investments that can range from tools and equipment to taxes, retirement savings and liability. The type of business entity you choose to operate under can help ease the burden that comes along with the risk of being sued.

“Liability exists in our field,” says Mary Bramley, a Randolph, Mass., farrier. “It’s going to come at you from places that you really don’t expect it to.”

There’s a potential for financial obligations beyond taxes, operating expenses and creditors. Potential lawsuits from injuring a horse can bring hefty price tags.

Farrier Takeaways

  • Farriers have liabilities beyond that of injuring a horse during routine shoeing or trimming. Choosing the right business entity can protect your assets if you are held liable.
  • It’s crucial to invest in a farrier liability insurance policy to protect your personal assets.
  • Limited liability companies (LLCs) are the most common business entity farriers choose.

“It’s not just the value of the horse that you could possibly be liable for, it’s also business that you might be taking away from a breeding operation or a trainer or a camp,” says…

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Katie_navarra

Katie Navarra

Katie Navarra is a freelance writer who draws from her experiences owning and showing horses, and inter­viewing the industry’s leading pro­fessionals.

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