Planning Ahead
You want to buy a racehorse. It is really a simple process, but like
many "simple" things a lot of thought and planning are done
beforehand to make it look simple. We think a good place to start is
with a business plan. The plan does not have to be complex or
contain a complete sentence, but it should lay out your goals,
objectives and projected costs. A plan will be constantly updated as
conditions change, so it will never be complete, but it will help
you manage your equine investment.
Keep in mind that equine investments are, if treated properly,
legitimate business activities and will be treated as such by the
IRS. Consequently, manage your equine investments as you would
manage any other investment or business activity, including
exercising good, sound business judgment.
