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For the Partnership Index Introduction Disclaimer The Basics Business of the Parnership Thorougbred Racing and Breeding Promotional and Supplemental Literature Access to Information Key Points of the Partnership Glossary |
Key
Points of the Partnership 1. A minimum number of Partners is required in order for each respective Racing Partnership to move forward. Each of the Partners Interests (cost, returns, and voting rights) will be divided in accordance to their respective percentages. 2. Each Investment goes toward the cost of the particular Thoroughbred Offering. For certain Partnerships, the Investment also helps covers race training expenses for 12 months. 3. There will be no management fees charged to the Partners, only out of pocket expenses. This will be a general partnership—small, select, and simple. 4. As a general partnership, each Partner will have maximum operational flexibility for tax purposes and will be able to take best advantage as far as the passive activity tax rules are concerned. 5. The Managing Partner will arrange the accounting for the Partnership. All expenditures will be accounted for and reported; working capital will be invested; and whatever purses and proceeds will be first reinvested before an annual distribution of Net Cash Flow is considered. 6. The Thoroughbred will race under a standard racing lease in the name of Mojo Racing Partners. The racing silks will be designed by the Managing Partner. 7. At the end of the respective Partnership's term, all Partners will consult on whether to extend the Runner's racing campaign, or whether it is best sold at that point. 8. The Manager of the Partnership is Fred Taylor, Jr. |
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