Racing Partnership FAQs

faqphoto1

Click on a question to read the answer.

Q: What forms of payment does Funky Munky Stable accept?

A: An interest in Funky Munky Stable can be made by cash, check or credit card (Visa, MasterCard, or Discover).

Q: What are the benefits of being a licensed owner?

A: If you own 3% or more of a thoroughbred, you need to be licensed. The perks of a licensed owner include access to the paddock, backstretch and barns, admittance into the clubhouse on all racing days, and parking in the owner’s parking lot. If you own 5% or more of a harness horse you need to be licensed. The perks include access to the backstretch and barns, admittance into the clubhouse on all racing days, and parking in the owner’s parking lot [There is an owner’s parking lot at The Meadowlands, but not at Yonkers Raceway. Also, whenever a Funky Munky Stable horse wins, ALL FMS partners are invited into the Winners Circle to get their picture taken. The exception to that policy would be if an FMS horse is in a Stakes race, only partners in that Partnership would go the Winners Circle.

Q: Do members get tax advantages for being in a company partnership?

A: Since the tax code changes so often, you are urged to discuss specific advantages with an accountant. As an LLC, the entity is not a corporation, and profit, if any, is not subject to the “double taxation” that would befall a member if this were a “C” class business corporation. The company [LLC] is a “pass through” entity, meaning that the company itself is not subject to taxation. In this regard, Members are taxed as if the Company were a Partnership.

Q: How are members notified of important events, such as upcoming races, workouts, results, FMS outings, etc.?

A: Members [Partners] with Funky Munky Stable will receive constant email notification and get all entry, workout and result information. PARTNERS are also encouraged to visit our Facebook and Twitter pages for the latest information and pictures.

FMS management will happily help you set up a virtual stable in which you will be directly emailed when a FMS horse is entered, has a work out or new race result. We are always available by phone or email and ready to help you in any way possible.

Q: Do partners have to make any other payments after the initial outlay?

A: The initial outlay pays for the partners percentage in the horse, as well as a few months of training expenses. Training expenses are always calculated on a quarterly basis. If the horse earns more money in purse earnings than needed for the expenses of the next three months, then there won’t be a cash call, and the overage will be mailed to the partners. However, if there is no money in the account, there will be a full cash call for the following three months.

Q: How many times a year can I expect my horse to race?

A: A healthy harness racehorse can race 3 or 4 times a month, and as many as 25-40 times a year. A healthy thoroughbred racehorse can run every 3-4 weeks, and as many as 10-15 times a year.

Q: Do members have any input as to decisions made on behalf of the company?

A: At Funky Munky Stable, input is desired and encouraged by management. FMS MGMT. needs to have a pulse on what partners are thinking, so decisions can be made in a positive spirit. Good communication between Members and the Managing Members is of the utmost importance for an enjoyable experience at Funky Munky Stable.

Q: How and when is a company [partnership] formed by Funky Munky Stable?

A: A Company is formed when the total number of units that are offered in the Company are acquired by the interested parties. For example, a 20 unit Company will be formed when all units are allocated, either to 20 individuals, or less, if any individuals have chosen to obtain multiple units.

Q: Is Funky Munky Stable a registered business?

A: Yes, Funky Munky Stable is a registered LLC [Limited Liability Company] in the State of New York, and each Company [partnership] is registered as a separate LLC. Each LLC has its own bank account, so there is no commingling of funds with other Companies [partnerships.] Additionally, Funky Munky Stable [FMS] has filed for a Regulation “D” exemption with The Securities and Exchange Commission [SEC.]