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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 |
What
It's All About Mojo Racing Partners (the "Partnership") will engage in the business of racing a Thoroughbreds (gender to be later determined) purchased as yearlings (sale date and location to be later determined); two-year-olds in training; and/or claimers. The horses’ names, breeding information, and purchase price will be provided to each of the Partners after the horse has been bought. In accordance with the Terms of the Partnership, Capital Contributions of the Partners will be sufficient to pay the purchase price of the horse, as well as training and racing expenses throughout the respective Partnership's designated term. Expenses and Reserves: All Capital Contributions; purse winnings; sale, syndicate, and breeding revenues will be retained by the Partnership in a Capital Account to defray operating expenses of the Partnership and/or held as reserves for future Partnership business endeavors. Distribution of Net Cash Flow: Once the Partnership’s costs, expenses, expenditures, and reserves are met, the remaining money may be equally distributed to each Partner during the Partnership’s anniversary month in accordance with each Partner’s interest percentage. That said, if the Partnership has its expenses, costs, and reserves met on July 1, then the Partnership is allowed (should the majority of the Partners agree) to issue a Goodwill Distribution to each Partner. Mojo Racing Partners and each separate Partnership is organized and managed by Fred Taylor, Jr., who will serve as the Managing Partner of the Partnership. A summary explanation follows and more detailed definitions are written in the "Terms of the Partnership Agreement." |
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