I am seeing what i need to do in order to set up a horse breeding farm in the state of north dakota as either a sole

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Customer: hi i am seeing what i need to do in order to set up a horse breeding farm in the state of north dakota as either a sole proprietorship or partnership
JA: Have you talked to a lawyer about this?
Customer: no
JA: What steps have you taken so far?
Customer: as far as legal? nothing. i have been just researching types of business entities
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: we will be breeding standardbred horses to be sold at public auction in other states, no employees at this time then my husband and I, no other services offered then selling the yearlings at auction
Answered by Elizabeth in 2 mins 7 months ago
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Elizabeth
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Expert in: Family Law, Legal, Estate Law, Real Estate Law, Criminal Law, Employment Law, Business Law, Consumer Protection Law, Bankruptcy Law, Traffic Law, Personal Injury Law.

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Elizabeth
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25896 Satisfied customers
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10+ years of experience
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Elizabeth
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25896 Satisfied customers

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Elizabeth, Expert

Welcome and thank you for using Just Answer. My name is ***** ***** I'm the attorney who will be assisting with your legal question. So I can best help, are you hoping for limited liability by creating a business entity?
Customer
I am not sure. Im not sure which would work best for us for a business entity
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Elizabeth, Expert

An LLC is the simplest of the entities that provide liability protection. It's also pass through, so it wouldn't have to file it's own taxes.

Customer
how would that work paperwrok wise? would i just keep all the records for the business then give them to our CPA
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Elizabeth, Expert

The business would need it’s own bank account, so the finances are separate.
Customer
ok once I create the LLC do i need to do anything else to keep it or once its set up its good to go on that aspect? I think I understand the tax portion of it. I also need to know if i need any other licensing in order to operate legally.
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Elizabeth, Expert

A yearly report to the Secretary of State for the LLC. You would need insurance and https://www.nd.gov/ndda/livestock-development-division/livestock-licensing For licensing.

Customer
ok i was told by my insurance agency that our property is on a farm policy and that it would cover what we plan to do with the horses. What is a yearly report? and thank you for the link I didn't know we would need that
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Elizabeth, Expert

Essentially it’s just a financial report to the state.

Customer
ok thank you
Customer
ok great thank you so much. i believe that is all the questions i have for now
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Elizabeth, Expert

You’re welcome again.

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