Hear me out...

I am getting ready to purchase another sport quad for a total of 4. I am thinking of forming another corporation to buy this quad and selling the corporation the other three along with the trailer and the pulling vehicle. The main reasons are to reduce liability from an accident and to allow operating expenses to be paid with pre-tax dollars. I have a detached garage used to house the trailer and work on the quads, etc. that I think could be written off.

Lots of money is spent on insurance, gas, tools, parts, maintenance, electric, garage heat, etc.

I own another corporation that makes enough money to easily cover the losses generated by this corporation if that makes a difference.

I welcome thoughts from forum members.

Along these same lines is that I am thinking of buying a farm and converting it into a riding area. The house and main garage would be owned by me personally but the rest of the land would be owned by the corporation. I would like to allow others to ride for a reasonable price. I only wish I lived in Ohio with that new law coming into effect mentioned elsewhere on the forum. Again, I need to limit my personal exposure from a catastrophic accident.

/NotuRaptor

 

Wow! That would be awesome.. I only wish I lived in maryland. You would have to get the riders to sign a release form or something like that to ride. But you could eventually have jumps and stuff for people to ride, which would make it really cool.

I say go for it, you dont sound to pressed for cash, so why not?

-nick

 

NotuRaptor2,

The word corporation was removed from the law. This, to me, would mean that a person could still sue your corporation. They can sue you personaly if they can show that you caused the reason from the sueing.


Under the new law, as with the old law, if you take any money from someone to hunt, fish, ride atvs, and other outdoor actives.......you are liable. I have heard that release forms do not always stand up in court neither.


Do somemore research on your own.

My two cents.

 

Figure out how the lil paintball fields get around it.

 

I thought about this before too, not for letting people ride my property but just cause its getting so damn expensive. Gas, haulers and ATV's could be written off as expenses if you can prove its a business.