a pick six

[-BT-]

Originally Posted by Scav

I am all for running this shindig, I would just need some advice on how to handle taxes because you can do it a couple difference ways.

weren’t you an accounting major?
come on man crunch the numbers and make it an LLC... what?

i mean i'm down to chase some big pools with ya'll

my only question is:

- do the players that put in the majority of the money have more "pull" or influence on the ticket and structure then say the 1-2 share cat? Or is this a gathering of minds and people's picks won't be judged by their investment size?

just a curious little question

either way, draw it up and i'll have my attorney get back to ya


-bt-

[Scav]

Originally Posted by -BT-

weren’t you an accounting major?
come on man crunch the numbers and make it an LLC... what?

i mean i'm down to chase some big pools with ya'll

my only question is:

- do the players that put in the majority of the money have more "pull" or influence on the ticket and structure then say the 1-2 share cat? Or is this a gathering of minds and people's picks won't be judged by their investment size?

just a curious little question

either way, draw it up and i'll have my attorney get back to ya


-bt-

There would be three people (Philcski/Golfer/Scav) that would talk the ticket out and come up with a ticket. These three would be the executors, these people would put 1k in, all others would be considered investors, like buying shares in a company.

The opportunity to listen to the conversation via a conference call type format would be available(probably at 7:30pm the night before), where us three would be talking out the card and coming up with ideas, but a gathering of the minds can cause controversy and chaos, which isn't what this is about.

When buying into a syndicate, not all people have a say, you are buying into an investment opportunity and trusting the people in charge to turn a profit. Obviously this is on a much smaller scale then most sydicates, but I can tell you that you will have some run for the money you will be investing, being alive on a 1k ticket is a hell of a lot easier then being alive on a $24 ticket.

[Scav]

As far as the LLC, there are major issues with that when it comes to this. When signing a tax form, 1099-G, it goes to the person, you can't assign it to a 'company'.

Can someone post the lingo for the Twin Spires Players Pool, I would like to read on they handle it.

If I remember correctly, they say that you are responsible for your own taxes, but I want to know what they do when the ticket pays over 10k, and the government takes 25%