Philly Park Owner License

[ruaff]

Does anyone know what the minimum percentage of a horse you have to own at Philly Park in order to NEED an owners' license. It's probably in the condition book (but not the one on-lin) and I'm too far away to get one.

For example. If a buddy of mine owns 10% in a partnership, Is his ownership required to be disclosed (in the racing office) and if so is the partnership required to get him a license?

Thanks,

[madelyn]

Actually, I spoke with several different state racing offices about this topic and generally the minimum % ownership that REQUIRES the owner to be licensed is 5%. You will notice a lot of syndication outfits offer to sell 4.75% interests in the horse - THAT does not require disclosure nor licensing. From my personal experience (I own 10% of an IN-sired filly) I WANT my name on the back of the horse's papers. I WANT her to run in my name as well as the majority owners. And, most importantly, I WANT her earnings checks made out to all of us. I am then required to endorse the check so I am pretty much guaranteed my share of her earnings. I like TWO major things about this arrangement:

1. They can't cash the checks without me.
2. They can't sell the horse out from under me.

Like Fox Mulder, really, I trust no one.

[griff]

Most partnerships I've seen require that a manging partner be appointed and ususlly he can cash the checks w/o you.

griff

[KBEquine]

If a buddy of mine owns 10% in a partnership, Is his ownership required to be disclosed (in the racing office) and if so is the partnership required to get him a license?

Thanks,

Ah, a topic near & dear to my heart

It is actually a state requirement, not a Philly Park one -- even a less than 5% interest must be disclosed but 5% & over must be licensed.

http://www.agriculture.state.pa.us/agri ... 3&Q=151420

PARTNERSHIP - Application must be completely filled out. ($30.00)
All partners must sign the partnership application.
All partners must secure an owner's license if they have a 5% or more interest in the partnership. Partners having less than a 5% interest need not be licensed, but must be disclosed to the Commission. Any partnership disclosing members who have an interest of less than 5% must document that information. List names and share amount on application or separate sheet and attach to application.
Colors will always be registered to a partnership and a color registration fee will be charged. ($15)
If there are partner's names that are not to be listed on the racing program, then "et al" shall appear with the partnership name.
If dissolving a partnership, the partner leaving must have a notarized letter indicating the change.
If 2 stable names are going into a partnership, then the two stable names together must be licensed as a new stable name and charged an original stable name fee ($50.00).
If partnership changes name (i.e. they register a stable name) the owners must complete a new partnership application ($45.00) and register the new stable name ($50.00) as the new entity.

Where to find the partnership form:
http://www.agriculture.state.pa.us/agri ... ership.pdf