buying a horse?

[PSH]

I purchased two horses last year for the first time and there is much involved:

1) We started a LLC so we had to go to The Jockey Club and see if the name we chosen was still available. Then we had to incorporate in a State of our choice...

2) We bought the horses privately....Need to properly notify The Jockey Club on transfer of ownership registration and there is also a whole process to naming a horse if you buy the horse unnamed.

3) Went back to The Jockey Club and reserved our silk colors

4) Needed to get license in the various states. So far we are licensed in NY State and West Virginia. In New York State, there is a much more involved process including getting fingerprinted... In WV pretty easy...

5) Obviously need to hire a trainer at the track also we have a trainer who acts as our advisor at the Farm. Would strongly recommend to get someone like that to help you out, unless not needed.

6) We also hired an accountant who specializes in horse racing accounting to prepare K-1 forms at the end of each year

7) Opened a checking account specifically for the horse racing venture. Strongly recommend to keep the account separate from everything else.

8) In NY need to have workman's comp insurance that costs $660 per year

9) To race in NY (Belmont-Aqueduct-Saratoga) need to fill out various forms for the NYRA...

10) I am sure i am forgetting about a dozen other things....

PSH