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Q: How do I own multiple horses?
A: By pooling our money we can claim up to 6 horses while holding enough estimated expense money in the LLC account to cover all expenses.
Q: Where are we going to get these horses?
A: Any major racetrack in North America. Mainly Churchill, Keeneland, Oaklawn and Arlington Park.
Q: Where are the horses going to race?
A: Primarily in Chicago, Arlington Park in the summer and Hawthorne in the fall, but not limited to Chicago. Then to Oaklawn Park- in the winter. Any track where the horses can make money.
Q: Will I be eligible for an owner’s license?
A: Yes, members are entitled to owner credentials at any track where we race.
Q: How much does an owner’s license cost?
A: Each state you race in requires you to obtain a license for the year. The IL racing commission charges $25.00 per year for your license and approximately $75.00 for fingerprints, which are required once every 5 years by the state.
Q: Do I have to have an owner’s license?
A: If you own 5% or more of the partnership you must be licensed. If you own less it is optional.
Q: What does an owner’s license entitle me to?
A: Access into the backstretch barn area, free admission for you and your family into any racetrack where you are licensed, free horseman’s parking, admission into the paddock when your horse is racing.
Q: Will I be able to meet the other partners?
A: If you’d like to yes.
Q: How do I get seats in the box?
A: We’ll do our best to accommodate everyone. To date this has worked fine.
Q: If a horse wins where does the purse money go?
A: Into the LLC account to cover all expenses until the end of the racing season at which point the proceeds will be divided between the members according to their units owned. (Details covered in LLC contract)
Q: Why is the partnership going to dissolve at the end of the 2011 racing season?
A: In an effort to establish a clear and definitive exit for each partner.
Q: What is going to happen to the horses?
A: The goal is to run each horse at a level where it can be competitive and win. In today’s market most will be claimed, any remaining horse will be sold to the next years LLC.
Q: What if we have an exceptional horse and do not want to sell it?
A: The membership will have a vote on whether to maintain that horse or sell it. (Details covered in LLC contract)
Q: What happens to the money at the end of the 2011 racing season?
A: After all the partnership bills have been paid a distribution of all net assets will be made to the partners.
Q: What about the 2012 racing season?
A: A completely new partnership will be formed, hopefully bigger and better with more horses to race.
Q: Can I get into the paddock when my horse races?
A: Because of safety concerns members may or may not be allowed in the stall with the horse but everyone is welcome in the paddock area. Contact Mike for race day allowances, each paddock configuration is different with some more accomondating than others.
Q: Can I get in the winners circle?
A: Yes!! Every partner and your family is more that welcome, we wouldn’t have it any other way.
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