When registering a partnership, each partner should consider a few of the following questions. How long will the partnership lasts? Who's colours will the horse race under? How are the debts (costs of running) and credits (prize-money) shared between partners?
Partnerships allow those involved to divide up their debits (cost of running) and credits (prize-money) depending on the shares nominated on the form. While not allowing the number of people a syndicate allows for, the partnership is a good way of sharing the costs between a smaller group of owners. When registering a partnership there are two accounting options available on the form:
A partnership owned horse can run under one of the following formats:
Once registered, the partnership works smoothly but each partner must remember to keep a working balance in their own account as each account must have funds when the time comes for an entry to be made. Alternatively, Partner 1 can select to have all debits and credits to go through his or her account. This can be selected on the Partnership registration form.
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