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vacationofwealth
02-25-2011, 08:46 PM
Any advice on who one would contact if they were looking to start up a horse racing partnership as far as legal. We have about 20 guys who are looking to do in and need a good counsel. Can anyone recommend anyone?

Thanks.

Chris

Ocala Mike
02-25-2011, 09:58 PM
That many "partners" constitutes, more properly, a "syndicate." What state are you in?


Ocala Mike

vacationofwealth
02-25-2011, 10:30 PM
Illinois. We just want a lawyer who can set us up just like the hundreds of other companies on google marketing partnerships do it. Just looking for an expert in horse racing law who I can consult. I have other questions obviously for him too.

Ocala Mike
02-26-2011, 12:20 AM
I would start here:

http://www.itbof.org

If you call them, they will probably give you some references for what you want to do.


Ocala Mike

tbwinner
02-26-2011, 02:50 AM
Usually, just a standard partnership agreement is needed; setting out the initial capital outlay, cash call procedures, who is the manager/principal of the partnership.

I operate in a partnership in Illinois under an Inc. and an LLC. The stable name must be registered with the Illinois Racing Board, as does any partner that owns 5% or more of the horse/horse syndicate.

Respond here or PM me if you want to talk more (I'm not a lawyer however).