NEW SYNDICATE LET'S GO RACING

[elhelmete]

I'm not a participant in Vic's syndicate but what he's doing as far as taking a fee is SOP. Nothing untoward about it and the criticism of that point is way off base.

[tbwinner]

Vic,

Tax accountant here. Let me know if you're up to chat if you don't have anyone - I've owned horses and put together partnerships in years past.

Love that you're doing this !!!

[tbwinner]

Originally Posted by elhelmete

Thought of one more thing...warn people about the possibility of a mid-year or EOY cap raise, what they are, what might make them necessary and what happens if a partner declines to participate.

Yes, you'll want to do this. You need to get an experience attorney to draft your LLC operating agreement.

Initial Thoughts: you need a reserve to cover expenses. If you're claiming multiple horses, you can get by with 2 months. Think of injuries, claims that don't work out, etc.

If you are going to do capital calls, determining how those will be done? Quarterly? Who will take over the % if a partner declines and wants out?

How about distributions? When cash exceeds reserves by X?

How do you plan on terminating at year end? Auction sales? What about a horse on layoff still on layoff at year end?

How will your commission be spelled out? % of purse earnings, % of profit, at LLC termination?

How often will financial statements and updates be provided? Communicate level of "involvement" with partners. The poster who talked about the 4yo on the derby trail is DEAD ON...a lot of people don't know a thing about the intricacies and logistics.

[elhelmete]

Originally Posted by tbwinner

Yes, you'll want to do this. You need to get an experience attorney to draft your LLC operating agreement.

Initial Thoughts: you need a reserve to cover expenses. If you're claiming multiple horses, you can get by with 2 months. Think of injuries, claims that don't work out, etc.

If you are going to do capital calls, determining how those will be done? Quarterly? Who will take over the % if a partner declines and wants out?

How about distributions? When cash exceeds reserves by X?

How do you plan on terminating at year end? Auction sales? What about a horse on layoff still on layoff at year end?

How will your commission be spelled out? % of purse earnings, % of profit, at LLC termination?

How often will financial statements and updates be provided? Communicate level of "involvement" with partners. The poster who talked about the 4yo on the derby trail is DEAD ON...a lot of people don't know a thing about the intricacies and logistics.

Great stuff.

[green80]

All good questions

[v j stauffer]

Originally Posted by tbwinner

Yes, you'll want to do this. You need to get an experience attorney to draft your LLC operating agreement.

Initial Thoughts: you need a reserve to cover expenses. If you're claiming multiple horses, you can get by with 2 months. Think of injuries, claims that don't work out, etc.

If you are going to do capital calls, determining how those will be done? Quarterly? Who will take over the % if a partner declines and wants out?

How about distributions? When cash exceeds reserves by X?

How do you plan on terminating at year end? Auction sales? What about a horse on layoff still on layoff at year end?

How will your commission be spelled out? % of purse earnings, % of profit, at LLC termination?

How often will financial statements and updates be provided? Communicate level of "involvement" with partners. The poster who talked about the 4yo on the derby trail is DEAD ON...a lot of people don't know a thing about the intricacies and logistics.

SUPER great stuff. I'll be reaching out sooner than later. Thanks! VJS

[depalma113]

Since you have the final say in all purchases, claims etc., this looks like a security investment.

Do you have a license to sell securities?

[lamboguy]

i am going to guess that if you have Chat GPT you can print up partnership documents. if you can't i can go and dig up old contracts that i have when i did it. i would be more than happy to send them to you.

[tbwinner]

Originally Posted by depalma113

Since you have the final say in all purchases, claims etc., this looks like a security investment.

Do you have a license to sell securities?

Good callout here. Definitely needs attorney review.

DONT USE CHATGPT FOR AN OPERATING AGREEMENT.

There are carveouts to security registration. You may want to target a little less than a million. This is an older article but good reading material:
https://www.google.com/url?sa=t&sour...D6mdjf6SbmTVwj

[elhelmete]

Originally Posted by depalma113

Since you have the final say in all purchases, claims etc., this looks like a security investment.

Do you have a license to sell securities?

And will all partners be required to be accredited? I was in the synd I was involved in.

[thespaah]

Originally Posted by v j stauffer

Well I can only play so much golf so I've decided to try to put together a racing syndicate.

It's something I've always wanted to do.

Input from PA Nation will go a long way towards telling me if it might fly or if I'm just pissing in the wind!

Right up front I'll tell ya we may crash and burn. But if we do we're going down in style and with a MASSIVE amount of FUN and ACTION!

Heartfelt thanks to PA for letting me share this idea with all of you.

Please check out the proposal on my website...

www.vicstauffer.com

I'm very interested in what you think. If you're interested and I'm open to any suggestions on how to best succeed.

We won't start funding until the fall. First claims/purchases around Nov. 1

First entries are hopefully on opening day of the 2023 - 2024 season at Oaklawn in Dec.

LET'S GO!!

This looks like a ton of fun....And the idea of being in a partnership that owns race horses that run at a track like Oaklawn is enticing.
If I can come up with the 5k, I'll give this some serious consideration.

[v j stauffer]

Originally Posted by thespaah

This looks like a ton of fun....And the idea of being in a partnership that owns race horses that run at a track like Oaklawn is enticing.
If I can come up with the 5k, I'll give this some serious consideration.

Sounds good. Love to have you come aboard.

[v j stauffer]

Originally Posted by elhelmete

And will all partners be required to be accredited? I was in the synd I was involved in.

What do you mean that all partners will have to be accredited?

[elhelmete]

Originally Posted by v j stauffer

What do you mean that all partners will have to be accredited?

I wish I could find the document I had to sign, it was basically confirming that I met certain specific criteria that absolved the seller (you) from anything related to the unregistered securities you sell me.

https://www.investopedia.com/terms/a...edinvestor.asp

[ElKabong]

Originally Posted by GO FAST AND WIN

This is only my second post here but i created this account awhile back(before the join date, took a long time to get "verified"), i state this to assure anyone that i did not join this forum with the intention of attacking Vic or anyone else individually on here but i decided to finally post because i feel Vic needs to be called out here.


First off i was a fan of your race calls vic and appreciate your passion for the sport but do not appreciate what you're doing here on more than one front. The first being your "fee", is this so you can freeroll some handicapping tournaments this year and also freeroll a stake in horse ownership? You say your "own" skin in the game, well howbout you put up 35k of your own actual money out of your pocket upfront as opposed to 35k you plan on getting from investors? After all you've been in the industry and look at yourself as some great handicapper/horseplayer, surely you got 35k of your own to invest that won't matter much if you lose it right?




My second gripe with this is your choice of trainer. It's blatantly obvious and has been for a long time now he's a cheat, how many times has he been popped? That much is factual evidence but wasn't he also accused of or caught at the track a few years back that you were just fired from of taking horses off the grounds shortly before they were gonna run and bringing them back? No surprise he also runs a string at a cesspool like Turf Paradise where others like Justin Evans and Marcus Vitali are allowed to continue to operate despite what they've done amongst all the other crap that is allowed to continue to go on in racing at that track and in that state overall.




You're a well known public figure in the game and should be a ambassador and trying to help a sport that sadly needs help more than words can describe! Your idea overall could be good but instead imo it looks like you're looking for a freeroll and to line your own pockets and on top of it you wanna employ a guy as a trainer who like many others(many are a bigger, more well known name than him) in his profession needs to be thrown out permanently although unfortunately that will probaly never materialize

Well said, sir