CLAIMING PARTNERSHIP V AGREEMENT
Southern Florida Racing
The agreement is between MJ
DeVita Stable Management and
shareholder signed below.
The purpose of this agreement is to set forth the terms
under which MJ DeVita Stable Management will manage a Thoroughbred Racehorse
Claiming Stable called Trans Atlantic Racing Stables located in and raced in Southern Florida of which the shareholder is part of
Partnership V of Trans Atlantic Racing Stables. This agreement also sets forth
the requirements to be a shareholder.
WHO IS ELIGIBLE TO BE A SHAREHOLDER
can live anywhere in the world and be a partner in one of our racehorses.
However, you must be able to obtain an Thoroughbred Owners License from the State of
Florida Division of Pari-Mutuel Wagering.
- We are a simple limited liability partnership that
brings together people throughout the world to be part owners in a
- For each horse partnership there are fifty (50)
shares. Each share is equal to two percent (2%) ownership. Each horse
represents a partnership.
- Minimum purchase is just one (1) share in a horse
partnership. The maximum purchase is ninety-five (95) shares in a horse
D. An owner can own shares in as many different horses as
FINDING A HORSE FOR THE PARTNERSHIP
- Once all 50 shares are sold and paid for the
training and management team will choose a horse to claim.
- Each shareholding partner will be notified a minimum
24 hours before a possible claim.
- If the claim is successful, the partnership now owns
a horse of which you are a part owner.
COMMUNICATION WITH PARTNERS
- To insure that each partner enjoys his or her
experience as a racehorse owner, we understand that communication is so
- Each partner will have an open line of communication
with the manager of the training and management team.
- E-mail will be sent out at least three times of week
detailing your horse’s activity.
- We will also establish a group forum for each
partnership, where partners from around the world being brought together
by the experience of sharing a race horse can get to know each other,
share ideas, etc.
- No partner is obligated to participate in any of the
forum activity. If you choose not to that is your right. However, for
those that choose to participate we ask that you be respectful to all
while expressing your views.
TO YOU BECOME A SHAREHOLDER/OWNER
- The first cost will be your purchase of your shares
in the horse partnership.
- Each share costs only three-hundred and seventy-five
dollars ($375). Each share represents two percent (2%) of the horse.
- Each shareholder will need a Florida Owners License. The current license is $40 per year plus a one-time fee of $34 for finger print cards. After you purchase your share(s) and return this signed agreement we will mail you the forms required or you may register directly with the Florida Division of Pari-Mutuel Wagering.
- A partner can not be licensed until they are a shareholder in a partnership that owns a horse. Therefore, if this is your first Florida
partnership that you are purchasing into with Trans Atlantic Racing Stable
you will not be able to get your license after we claim the horse. If you
already have a valid Florida Owners License you can skip this step.
& MANAGEMENT COSTS
- There are no monthly costs or any out of pocket
expenses to you.
- When the partnership’s
horse earns purse money, seventy percent (70%) of the money earned is
retained for expenses. This seventy percent (70%) pays for all the bills.
If the horse doesn’t earn money, the training and management team pay all
the bills. You are never responsible for any of these bills. That is why
it is important for the trainer and management team to pick good horses to
claim and race them where they will make money because if the horse
doesn’t earn the trainer and management team have to pay for the bills out
of their pocket.
- Because the training and management team are
responsible for all expenses, they will choose which horse is claimed for
the partnership and decide which races to enter.
PURSE AND OTHER MONEY PAYMENTS TO OWNERS
- While seventy percent (70%) of the horse’s earnings
are retained for expenses. The remaining thirty percent (30%) of any
earnings is paid out every thirty (30) days to the partnership owners.
Each share will receive a 2% of any money earned by the
partnership for the month. You will receive 2% for each share you own in the partnership.
- When the partnership horse is sold to or claimed by
another stable each share will receive 2% of the proceeds received.
CLASS OF HORSE WE RACE
racing is broken up into different race classes these being stake races
allowance races and claiming races. In stake and allowance races no horses
are for sale, however in a claiming race every horse entered is for sale
for a price listed prior at the time of entry. We race claiming horses.
look to claim horses that are entered for the sale price of sixteen
thousand dollars ($16,000) for our partnerships.
HOW WE PURCHASE A HORSE
FOR THE PARTNERSHIP
sell fifty (50) shares at three-hundred and seventy-five dollars ($375)
each. This gives the partnership eighteen thousand and seven-hundred and fifty dollars
($18,750) for a racehorse and related expenses.
training and management team is always looking for the “right” horse for
the partnership. Remember the training and management team has the risk of
paying all the bills if the horse doesn’t earn money. So they cannot
afford to make many mistakes. Once that horse is found the trainer will
put in a claim before the horse races. Sometimes there is more than one
claim entered for a horse. When this happens the first claim drawn from
the box owns the horse.
- The eighteen thousand and seven-hundred and fifty dollars ($18,750)
covers all the costs including the purchase of the horse, Florida sales
tax, administration to set-up partnership, fees associated with
setting up the partnership, accounting and tax form (K-1) reporting to
WHEN DOES THE PARTNERSHIP END
- Each fifty (50) shares sold is used to claim a
horse and form a partnership. The partnership ends when the horse is sold,
claimed by another person or for some reason the horse cannot race any
- At that point any money made by selling or having the
horse claimed will be distributed equally amongst the fifty (50)
shares along with any partner share purse earnings that have not been
distributed to date.
- A shareholder of an ended partnership can choose to
reinvest any monies received from an ended partnership in any other
partnership that has available shares. However, there is never an
obligation to reinvest any monies received.
- If you are partners in more than one horse, only the
one partnership, in which the horse was sold, claimed or otherwise
couldn’t any longer race will be ended. All other partnerships with horses
will still be in effect.
RISK OF SHAREHOLDER
- The shareholder risk is limited to their initial
investment in the partnership. The shareholder must understand that there
are certain risks in thoroughbred racing including but not limited to
injury to a horse that they may no longer race or sometimes-even death.
This partnership will not carry insurance on any horse they claim. Therefore, if the partnership’s horse is no longer able to race, the partnership may
lose its entire initial investment.
- The shareholder agrees that MJ DeVita Stable
Management, Trans Atlantic Racing Stables, their employees, associates,
representatives nor the trainer will not be held liable for any injury,
death, sickness or any other reason that the horse is unable to race.
- This is a limited liability partnership you are only
liable for their initial investment in this partnership.
- Each shareholder will be responsible for any taxes
due to their local, county, provincial, state or federal governments or
any other taxing authority to which the shareholder is responsible.
have read, understand and hereby agree to abide by the above terms set forth in
SIGNED________________________ NUMBER OF SHARES PURCHASED ______
MJ DeVITA STABLE MANAGEMENT DATE
PERCENT HELD IN THIS PARTNERSHIP ________________