- 3 -
any full-time employment for the past 25 years. Her significant
assets consisted of a 16-year-old horse and a debt-encumbered
condo in Wellington, Florida.
Forced to make a living to support herself, petitioner
developed a plan to use her prominence in the equestrian world to
build a business designing horse barns and homes. Her plan was
to establish and maintain herself as a peer worthy of trust among
the exceptionally wealthy families who participate in the upper
realms of the equestrian circuit, own multiple residences, and
use interior designers. Even though she had no written business
plan, she discussed her plan for her business venture with her
certified public accountant, Jeffrey Borofsky (C.P.A. Borofsky).
She also discussed her plan with a longtime friend who had
successfully started her own business. Petitioner did not
conduct a formal market study, nor did she prepare any cashflow
projections in anticipation of starting her new business. She
did not have any experience in design other than taking a few
design courses in college. However, petitioner possessed the
artistic ability to draft structural designs freehand.
Petitioner also was an experienced equestrian, having ridden
horses and competed on an amateur level since she was 12 or 13
years old.
In 1999, petitioner formed a limited liability company,
Topping White Design, L.L.C. (Topping White), in Florida. The
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: November 10, 2007