As with operating any type of business, there are various decisions you will need to make in order to remain successful. While making a profit is undoubtedly important, it is also important that you keep your business secure in order to operate. Below are important best practice tips to keep your equine business up and running.
Have insurance. Since you are running a business, you will need to obtain business insurance. Depending on your specific operations, you will need either commercial general liability insurance or equine professional liability insurance. Also, you should speak to an agent and look into the insurance policy to make sure that you understand what it covers. An attorney can also help explain what the policy entails, if an insurance agent is not available.
Get everything in writing. This is probably the most important thing anyone can do when operating a business. Whether selling, buying or leasing a horse, be sure to get the transaction in writing — having it on paper is your evidence and backup, should anything go wrong. It provides solid proof of an agreement and includes details and information about the parties involved. Also, be sure to read through anything you get in writing thoroughly before signing. If you have questions or do not understand something in the agreement, ask. It may be in your best interest to seek a legal counselor to help you in this.
Also, if you need a proposal or a contract written, you should have a lawyer draft it for you to ensure that it accurately reflects the intentions and understanding of the agreement and those involved.
Seek legal guidance. Don’t be afraid to seek the guidance or knowledge of a legal adviser, should any issues arise. This is especially true if the contract is complex, like an Installment sale contract or release of liability. Remember also that the laws will vary from state to state and you’ll need to take this into account. You should have an experienced lawyer review the contract and offer their professional opinion before you decide anything.
While operating a business can be complex, with regulations to follow and guidelines to meet, it is rewarding to know that you have legal counsel available, should you need it. If you need an Orange County horse lawyer for your business, Catanese and Wells can help. We will work by your side to help you make the best decisions and take any necessary action.