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Header Participation Conditions

The following points serve as a general summary of the conditions for each general partnership agreement.  All prospective participants are also encouraged to read the Participation Understanding page.  

  1. The number of shares offered will be defined in the respective Participation Document for the group.
  2. Each share has a set amount and percentage as defined in the Participation Document.  A controlling interest will not be allowed.
  3. This is a Series LLC Group that begins on the date that the shares are offered Mojo Thoroughbred Holdings, LLC (defined in the Participation Document) and concludes when the Term ends or respective Mojo Runner(s) is sold, retired, or his/her/their racing career(s) has ended for any reason.  If the horse(s) competitive ability merits racing beyond the set term, a Continuation Document will be offered and revenues generated during the previous term may be carried over to the new term.
  4. Only the horse(s) defined in the Participation Document is/are included in each series group–no other horses or assets managed by Mojo Thoroughbred Holdings, LLC are involved in the respective series group.
  5. The intial funds raised will be utilized to purchase the bloodstock, as well as cover the initial training expenses required to prepare the horse for racing.  
  6. All Partners are billed separately on a quarterly basis to cover the budgeted operating expenses.  Capital Partners contribute substantive funds to acquire the bloodstock, constitute the majority share holders, are vested in the horse so long as it is owned by Mojo LLC, and pay their respective percentage for commission, shipping, registration, training, and vet care.  General Partners contribute less, hold minority leashold shares, are committed only to the term designated in the Participation Document or Continuation Agreement, and pay their respective percentages of the residual shipping, registration, training, and vet care expenses, as well as 100% of the general business expenses of the LLC. 
  7. Unless described in the current Participation Document, each Participant is required and responsible for obtaining his/her racing license, as well as paying for any out of pocket expenses (e.g., transportation, meals, lodging, etc).
  8. Unless described in the current Participation Document, there shall be no refunds—this is for the protection of all Participants.  All unsold and/or forfeited shares are retained by Mojo, LLC and may be held by management, distributed to the Captial Partners, distributed to the General Partners, or offered for sale to the public.
  9. Mojo LLC is entitled to receive a 5% royalty from any purse money won.  Capital Partners are entitled to receive a ROIC Distribution of the purse money won based on their vested percentage if the horse wins a race.  General Partners are eligible to recieve a distribution based on their vested percentage if there are net earnings at the conclusion of each race meet.
  10. There is no guaranteed return on investment or guarantee that the horse will be able to race (at all). Thoroughbred racing (in general) involves a high risk of illness and/or injury to the horse.
  11. In the event there are any unused funds (net of the cost to manage the horse and/or series group) if the horse is no longer racing for Mojo LLC, a Participation Distribution may be determined based on the respective share percentages of each Participant.  Mojo LLC may also utilize the unused funds to acquire new bloodstock for the respective group. 
  12. The CEM and President maintains the business of the LLC and each organized group without any interference from each Participant.
  13. The CEM and President maintains sole/exclusive authority to make all decisions required in the day-to-day management of the horse.
  14. The CEM and President maintains sole/exclusive authority to decide when and where the horse will be purchased, trained, entered to run, the race type, and if the horse is sold and/or retired.  Each horse will race under a standard racing lease in the name of Mojo Racing Partners with the racing colors chosen/designed by the CEM and President.
  15. Should a situation occur not covered by the agreement, the CEM maintains sole exclusive authority to settle disputes in a customary and reasonable manner.
  16. Mojo Thoroughbred Holdings, LLC (the entity) shall be held harmless and indemnified for any and all claims and/or litigation.
  17. Mojo Thoroughbred Holdings, LLC files an annual tax return for the entity, and shall provide a K-1 to each Participant in the Group.
  18. Mojo Thoroughbred Holdings, LLC (the entity) supports charities related to the Thoroughbred racing industry.  A relatively small portion of the each general partner’s Capital Contribution is used to support these charities.
  19. The limit of liability to Mojo Thoroughbred Holdings, LLC (the entity) and each Participant shall be no greater than the respective series group, less any Distributions received by the Participants.
  20. Each Participant is required to sign an agreement (Participation Document) that says he/she has read, understands, and has had an opportunity to ask questions about Mojo Thoroughbred Holdings, LLC, Mojo Racing Partners, the Concept, Mission, Terms and Conditions, Participation Agreement, and the current Participation Document.

      

If you have any additional questions about participating in a Mojo Group, please contact: Fred Taylor, Jr. - Founder, CEM, and President - Mojo Thoroughbred Holdings, LLC.