Can Racing Be A Business? Motorsports Attorney Explains 3 Reasons to Register a Business
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- Опубликовано: 14 янв 2023
- Racing is not JUST a hobby, but instead can be a profitable and legitimate business. In this episode, Liz Joiner, a Florida-licensed Motorsports Attorney, discusses the difference between a hobby and a business and 3 reasons why you should consider registering a business for your race team.
✨The information provided on this channel is for entertainment and informational purposes only & should not be construed or relied on as legal or tax advice for any specific circumstance. I am not your attorney, and viewing or engaging in this content does not create an attorney-client relationship. Before you act or rely on anything discussed, you should talk to an attorney licensed in your state or, if applicable, with a CPA. ✨
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When I raced Nascar Grand Am Modifieds in to 90's, I ran it as a business. All good with the IRS, made money, spent money, paid taxes on the money I made.
Yup, the Inc. and DBA help with a ton of windows to open in the tax code. KEEP ALL RECEIPTS...ALLLL OF 'EM.
Yes!
When I ran a hobby car way back in 2000, 2001 and 2002, I ran it through my business, KSL Racing. I good tax attorney is for sure key. :)
WHO DOESN'T LOVE A CUTE, SMART BRUNETTE? :)
Wright I was just thinking that,lol then saw your comment.
For real!!
Thank you HTF Lady! Great info! ... Playing costs --- esp in racing; can be a simple sport and it can be more involved. Be Safe
You are so welcome!
Thank you for posting. I seen the TikTok but never seen this.
I know how to make a small fortune racing,start with a large fortune.
Fact !!!
Best free consolation... I just saved 500-1000 by listening to you now I'm going to spend that money into my business
Even as a fan I find this type of content very interesting! Thanks for bringing this to us🏁🇺🇸
Our pleasure!
Hey ,cool ,cool ,cool
Keep it moving forward,
Glad Legal steps are bought forward...Your doing the right thing,plus on the right Track here..
Not only propelling business for yourself.
Thanks 🖤
Thanks for the informative video! Look forward to more business side of racing content! Go HTF team!
More to come!
I just came across your channel. I am impressed with your ability to explain legal issues in business terms. I am a retired corporate attorney who spent much of my 40 years of practice explaining the law to business people, so I know it's not easy. It's obvious you understand the business as well as the law. Too many attorneys have no idea what the business client is thinking, and so don't explain the law in terms that the business person will understand.
Thank you! I really appreciate the feedback and compliment!
Josh you’ve done well with y’all’s Business
That was a great video I would love to here more about the business aspect of becoming a business in a race team.
Great!! We have a lot more content planned exactly on this subject!
Great information for these race teams very good video 😎
Awesome! I’m glad it was helpful!
This video is priceless and very valuable for those shoestring racers and to those that generate lot's of sponsorship dollars!! Thanks for sharing your wealth of knowledge with us fans and those who want to go all in for full-time racing 🏁🏆🏁 What an asset to the whole HTF team and others who are learning how to turn their much loved hobby into a real business. Thanks for an excellent video and providing much needed information 💞🤗💞 YOU are a Precious Priceless Treasured Blessing to the HTF family and so many others. This Dirt Track Racing Loving and HTF Fan loves y'all at HTF and your precious respective families 💞🤗💞 GOD BLESS YOU ALL AND MAY Y'ALL HAVE A FANTASTIC BLESSED RACING SEASON IN 2023🏁🏆🏁💞🤗💞🏁🏆🏁🙏🙏🙏🙏🙏
Joshua is one lucky man. Beautiful and smart. Very good insight. Thank you.
Very smart lady!!!!
Thank you! 🖤
Great video and this info is what I have been looking for!!
I am a smaller team from Tx but I’m always looking for ways to be more professional and more appealing for potential sponsors.
Great to hear!
This is really helpful. I am trying to enter the industry however i am currently located in Canada, and the industry is not big here unfortunately, but we are still going to push for the win
Like you said don’t get us any red flags here in information ℹ️ too right, thanks you are getting it done ✅ vary good HTF financials thank for supporting my HTF NATION too , I started that little saying way back , when I found dirt Daddy’s hunt the front Y2K racing channel, thanks BigAl California
Awesome info here.
Glad you think so!
Great video, Liz. I'm sure their are teams that will benefit from it.
I hope so!
Great Content.. Keep it coming Please.
Thank you! Will do!
Great video. I'm a up and coming gunsmith. This information is spot on.
Glad it was helpful!
Even though I'm not a racer, this was an interesting video. Using the race track as a background was a nice touch.
Thank you!!
Very smart business move
I heard a statistic recently that stated the most audited tax returns by the IRS is racing entities. That should tell everyone to be extremely careful just "throwing together" a business for racing. Consult with an attorney before doing anything and plan to spend more than you think.
Great information! I had to turn in a tax forum last year and have been thinking about it. I may have to start an LLC this year. 🤔
Glad it was helpful!
Very informative . ✌✌👌
Glad you think so!
WOW, Fantastic info thank you so much!! I think Liz just put down all that crap advice that most of your accountants have provided to you. Thanks Again!
You are so welcome!
Now we know where the real brains of H T F comes from ! You have some great women standing with you ! ! !
If I am doing in car video of a friends late model and posting them on youtube, should i registor as a business with only videoing?
Smart woman Liz!!!!!
Thank you!! 🖤
Good info.
Glad you think so!
As a business can I right off parts I buy for a race team that is not set up as a business?
Yes I am looking for people that love race cars and race tracks with money 💰 and the means to help me build my race track out here in the desert 🏜 California, where you guys could come for your next summer vacation hint hint lol thanks ,p.s. keep my family in prayer my sis loss family child member ok thank you Liz , your awesome thank you for helping support the hunt the front ,and us thanks BigAl California.
So how do you go about making it a business and what all is needed in order to do so?
Great vid!!! very informative, so.... What if I was wanting to purchase land and build a dirt track? Would these legal practices also align with owning it?
Great job, I just got my LLC and this content is extremely helpful! I am wondering how to get “good” sponsorships? As a LLC, what do I have to offer with our off-road race team and RUclips channel?
Eyes/community
Volunteer Crew Liability and Paid crew hours of work..
These are great topics! I’ve added them to the list for future videos!
Brains ! Beauty and a racer ! Some guys have all the luck!
Awe thank you!
Hi 5 Liz! 🥰
Thank you!! Obviously it took me a long time to get the courage to post this one haha
Hello Elizabeth, I own my own small business, and I also race super late models in Pennsylvania. Is there a limit as to what I can write off in regards to the race car, and the advertisement that I do with my race team?
Do you see yourself venturing out into your own firm or would that be a conflict of interest with your current employer if not do you think that some clientele would move to your firm
If that the race Joseph finished 1st last year?
It wasn’t :( It ended up being a rough weekend.
I'm interested in hearing more about being a motorsports attorney
Whats a good way to present the benefits of a sponsorship?
🤔🤔🤔 I definitely need to do this I need more information on how
I have a few questions about the right way to go about starting a race team
yes absalutly register think of the filing fees as an investment my dad ran his all on his own until he got in over his head and offed himself because his wife found out how much he was spending
Crap.....sorry pal !
How would you recommend someone who is paying for this sport on their own move it into a functioning business?
What are the increased cost to change over to this rather than run it as a normal out of pocket hobby?
I dont understand how average people can afford to race any car, much less a late model. Maybe im missing something. Just buying the chassis is expensive.
Spend 2 million dollars to make 1 million racing. She must be legal help for tracks.
"promo sm"
Well now we know who is the brains of the outfit ..
I am a Hillbilly ;) that spends $100,000 a year of his hard earned money on racing (Hobbies) with the intention to make a profit . But I never win 😂 so it's all gone .
Uhh..yes..I'm from Missouri and raced and claimed it as a business..how you think alot of locals race with sponsorship?? Duh..farmers..they claim that crap..reason why they get to go racing with haulers and buy tractors..nexxxxt
Exactly! If done right, it absolutely is a legitimate business and you should then be able to tax advantage of all the benefits of having a business!
anyone that says u cant... they just dont understand how its done or dont want to put the time in to do it
Yes 🙌
Lol the IRS does not agree with her opinion. Do not take her advice. I’ve been audited and I’ve been penalized when you do step up and get into the NASCAR level that I’m in now it is recognized but at the local level the IRS will butcher you.
Must have a terrible accountant number 1 and number 2 didn't set up LLC or similar and operate it as a separate business..
Oh I forgot everyone needs to go over to gentry and sons RUclips and hit the likes and subscribe, there shop burned all the way down with family heirloom vehicles and motorcycles and big rigs and all of their tools and equipment to work on their trucks for their trucking company burned up , there the ones that has been hauling the freedom factory cars for clteetus to all of the shows and burn out contest with car haulers really nice ones , anyway check ‘em out thanks gentry and sons on RUclips ,