There are many ways to create a horse syndication. Some syndications are very simple and others are very complicated. The easiest way to create syndication is a group of people (4 or 5 or maybe even less) who get together and agree to share the cost and ownership of the horse. Syndication can be created informally, but will not be encouraged. Syndication must be done through the formation of an entity (usually a limited liability company) and with the help of a horse lawyer. Each of the individuals has a member interest in the entity, and they participate in the ownership of the horse through the percentage of ownership of the entity and the benefits derived from it. That`s the easiest way to put it. When you enter the racing industry and large racehorses – especially breeding stallions – the structure can get very complicated. A horse advocate can offer advice on how to keep even a complicated horse syndication as simple as possible for all participants and help protect their interests and investments. FREE CONSULTATION A breeding contract is often linked to the breeding of a racehorse thoroughbred or standard breeding stallion, in which a mare owner presents his mare to the stallion owners for breeding purposes and brings out a foal from the breeding of the mare and stallion. So if you are on any part of this transaction, whether it is the owners of the breeding stallion or the mare, you enter into a contract on the terms between the parties.
Having a horse lawyer review this contract in advance can protect participants from many potential problems that may arise in the future, and you can protect your investment. A horse attorney can help draft a syndication agreement to detail members` rights and obligations among themselves and for syndication. This can help protect the rights of union members and the union manager. Other issues addressed in the syndication agreement are the number of fractions sold, how revenues and expenses are allocated, who keeps records, and what information is provided to members. A key aspect is a member`s right to sell its fractions, and whether or not other members have a right of first refusal before a member can sell its stake to a foreigner. For decades, this author has been writing articles about the importance of making agreements related to horses. Some of those articles even shared features common to effective treaties. Nevertheless, people in the horse industry continue to do business without written regulations, and disputes have arisen. This article explores what could happen if oral contractual disputes were the subject of litigation.
Read More › At VP Legal, we are able to help and advise in many horse situations, whether claims or defenders. If possible, we will always try to resolve issues in court to help you reduce your costs and spend more time with your horse! Anyone driving on your property must sign a liability waiver. The general waivers are available free of charge online. There are also online horse defense agencies that offer them for a small fee. Do not hesitate to contact EquiLaw to ensure that you include all the details in your waiver. Make sure all parties sign the waiver. For your protection, all trade agreements must be registered and signed in writing by all parties involved. Staffordshire lawyer Jacqui Fulton has set up her own law firm dealing exclusively with horse cases. A horse advocate can help avoid many potential problems that horse owners or riders face.
Because horse laws vary from state to state, it`s important to find a horse attorney in your state (or one who can practice in your state in conjunction with a state attorney) to create documents to protect you and your investment. A horse advocate can also help you find a comprehensive insurance policy to protect you and your horses. Expert advice on liability for damage caused by someone else`s horse Vincenza Perkins is a senior solicitor at VP Legal Solicitors, she has a passion for horses and regularly competes and, as such, is the resident horse specialist. She understands the problems that can arise when breeding horses and the problems that can be associated with them. Vincenza provides expert legal advice for horses, she speaks to clients with an understanding based on her knowledge of horse law as an experienced owner and competitor. Horse law is complex and covers a variety of areas of law. It is important to seek the good advice of a specialized horse advocate to avoid pitfalls. One of the areas of concern is the buying and selling of horses.
