So you want to start a horse business? That is great news! There are tons of successful businesses in the equine industry. First thing is first. You need to decide on a specialty and figure out how you will get started financially. Will you go at it alone, or with a partner? What kind of liability do you need? Below are the types of companies that you can have, along with the advantages and disadvantages. Advantages and disadvantages of the 6 types of business: Sole Proprietorship Advantages: Easiest, losses may be deducted from personal income, least expensive Disadvantages: Owner has unlimited liability, no protection from a company, raising capital can be difficult. General partnership: Advantages: Shared expenses, each partner has equal say in management decisions, losses may still be deducted from personal income. Disadvantages: Each partner has unlimited liability for the partnership, must file separate tax return, must contribute, borrow or raise capital. Limited Partnershi...