6. PARTNERSHIP DECISIONS: Except as otherwise provided in this Agreement, all decisions of the Partnership shall be taken by the Governance Officer. (b) An owner of a single shareholding pays costs in advance twice as high as the standard share of costs, but does not pay expenses for the duration of the partnership, so he does not assume any financial risk for the expenses. and the managing agent can deduct from all income from portfolios, bonuses or bonuses the expenses in proportion to all the shareholders of One Time Cost, because the managing agent assumes the cost risk for these single shareholders PARTNERSHIP OVERVIEW Owning a racehorse through a partnership allows people to participate in the world`s biggest game at the level they are at the level at which they are feel comfortable and with as little risk as possible for this investment. Why choose Magdalena Racing? There are two operating principles that characterize Magdalena Racing: our “partnerships” are actually co-owners, and the trainer and equine manager, Ken McPeek, usually owns a 10-20% share of each horse. 22. GOVERNING LAW: This Agreement shall be construed in accordance with the laws of the State of Massachusetts and the Partnership shall be governed by such laws. Bloodstock agent Rory Callis explains what McPeek says. “People shouldn`t be afraid,” he says. “The pure blood trade has always been considered the sport of kings. Over the years, however, it has become where we are now, with public partnerships, so that people who work every day, like people involved in noble celebrities, can enjoy horse racing, even if they don`t have the kind of money to buy racehorses.
Partnerships make it much, much easier for people to participate in horse racing. TOC`s Partnership and Syndicate Directory contains the names, contact numbers and general information of many partnerships that operate stables in California. If, from the end of a month, a partner is to receive a distribution from the partnership or another Mapleview Racing LLC. and that partner owes money to the partnership or any other Mapleview Racing LLC, the amount of such outstanding cash call is deducted from the distribution of funds payable. “Find the kind of coach you`re looking for,” Tuttle said. “If you`re looking for a derby horse, you`ll find someone who drives two-year-olds. Another trainer might have older horses or grass horses. Each partnership has a different direction and direction. » 15. SETTLEMENT PROCEDURE: the partnership invoices the partners each month their share of all amounts currently due and payable before the services related to the training and maintenance of their horses and their share of the overhead, due to the nature of this activity, a monthly fee before the services is due and the statement is made by e-mail on the first of the month. Any partner who fails to pay its prorated share within 15 days of receipt of such notification or who has entered into agreements with the screening officer for subsequent payment of such partner in the event of an unforeseen absence or other emergency on the part of the partners, may be charged the higher of $20.00 per share. or interest on the amount due of 24% per year, from a date of 15 days from receipt of the monthly invoice until the date of payment.
Such late fees or interest shall be credited to the partnership as a whole….