Another tough question

Guest · Post by **Guest** » Fri Jan 23, 2004 10:25 am

Let's say some friends and I wanted to pool our money and form a partnership to enter the NFBC. There would be one or two people appointed manager(s) for the purposes of the contest, but any winnings would be paid to the partnership (thus avoiding one guy taking on all the tax burden).

Granted there a lot of potential complications, I'm just curious what NFBC's stance would be.

Guest · Post by **Guest** » Fri Jan 23, 2004 10:26 am

I think a partnership is a good idea, as long as you guys can agree to all of the draft picks and free agent pickups during the season. However, as far as the prize money is concerned, all payments will be made to the Principal manager of each team. Should the co-manager -- or in your case, the partnership -- be deemed worthy of earning some of that prize money, you'll have to work that out once the payment has been made. All winnings go only to the principal owner. Should he/she give half of that to the co-manager, make sure you figure out the amount of tax that will have to be paid off that first.

Hope this helps. Glad to see you're already planning on winning some cash. Always think positively.

One more point: Only two people per team are allowed at the draft table. You can have a whole team of owners chip in for the entry fee and in making in-season moves, but only two people per team at the draft. Hope to see you in one of the three cities.

Guest · Post by **Guest** » Fri Jan 23, 2004 10:26 am

Thanks for your post, Greg. It's a fine answer, but I think I didn't ask my question the way I want. What I'm asking is, let's say a group of us form a an actual legal partnership, with paperwork and everything, and let's say it's called NFCB03 Partners. The partnership figures out who it will draft, sends a representative to attend the draft, and figures out how the team will be run during the season. Let's say NFCB03 Partners wins something. Does the check still have to be made out to an individual, or can it be made out to NFCB03 Partners (thereby avoiding one person taking on all the tax burden)? You see where I'm going with this? I can see why you guys might want to avoid this scenario and, again, perhaps overly complicated, but that's my specialty...and I'm still curious...Thanks.

Guest · Post by **Guest** » Fri Jan 23, 2004 10:26 am

I don't believe partnerships are accepted. From my experience, it has to be an individual. Correct me if I wrong though...

Guest · Post by **Guest** » Fri Jan 23, 2004 10:26 am

Jeesh, I'm with you on this. Sure, if you set it up that way, we'd pay NFCB03 and there would be a business ID required for tax purposes. That scenario is no different than if a fantasy company, let's say BaseballHQ.com for instance, signed up and wanted to be represented that way to get exposure all year long. We'd pay the company and get the business tax ID for the winnings.

Hope this hopes and good luck with the partnership. Bring several teams to the draft and win as much as you can.

Guest · Post by **Guest** » Fri Jan 23, 2004 10:27 am

Got it. Many thanks.

Cherokee Nation · Post by **Cherokee Nation** » Thu Jan 29, 2004 7:21 pm

can one buy stocks in this company

hankstr · Post by **hankstr** » Fri Jan 30, 2004 7:54 am

On March 19th there will be an ISO audit on your company to ensure you have documented baseball drafting processes. If you fail, you won't be able to draft in Europe.

Chiefs

Mistyblue · Post by **Mistyblue** » Fri Jan 30, 2004 2:07 pm

Originally posted by :

Thanks for your post, Greg. It's a fine answer, but I think I didn't ask my question the way I want. What I'm asking is, let's say a group of us form a an actual legal partnership, with paperwork and everything, and let's say it's called NFCB03 Partners. The partnership figures out who it will draft, sends a representative to attend the draft, and figures out how the team will be run during the season. Let's say NFCB03 Partners wins something. Does the check still have to be made out to an individual, or can it be made out to NFCB03 Partners (thereby avoiding one person taking on all the tax burden)? You see where I'm going with this? I can see why you guys might want to avoid this scenario and, again, perhaps overly complicated, but that's my specialty...and I'm still curious...Thanks. Hi curious, I don't know if I'm suppose to give you a suggestion or not on this board, but I'll try it. How many people are in your group 1 or 100? Did you have an attorney draw up your contract? If an attorney drew up your contract them you're basically covered on who will be responsibile for the tax, you all will and it will come through whoever does the bookkeeping, I'm sure NFBC will only write one check and that's to who the person is representing you. Why not have him list your group's tax indentification number and name then your group which is all of you are responsible. Do you have a tax ID# for your group? Or are you a non profit organization? Let me know and I can tell you how to do this.