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Old 08-07-2017, 10:20 AM   #1
Arr Leden
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Contract, or guidelines on selling %?

Hi,

I'm going to play a live tournament with a reasonable buyin. A couple of friends of mine agreed to buy 60% of the buyin (10% each) and I'd pay the 40%.

I think it is wise to at least put down some rules, or make some sort of contract which they agree to before they pay and I play the tournament? First price money is estimated at $30k, so its definately significant money.

Does anybody know if there are examples of those kind of contracts, or can anybody cover the most important things to add in such a document? What I have been thinking of is:
  • How much % somebody has bought
  • What in case of sickness or anything else that prevents me from playing
  • Including the deduction of taxes, this could be an issue if I cash more then a couple of thousand euros
  • Timeframe of paying the profit to them

I'm grateful for any suggestion
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Old 08-09-2017, 06:31 PM   #2
WALMARTcnxn
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Re: Contract, or guidelines on selling %?

If they buy 10% they are liable to pay 10% of your buy-in and you are liable to pay them 10% of any amount you cash for. If you cash for 10k someone who had 10% would get 1k. If you cash for 0 they get 0.

If for whatever reason you don't play the tournament you would be liable refund their money.

Make sure that some type of agreement is in place regarding taxes before they buy the % and they are clear on how much could be taxed in a worst case scenario.

In regards to paying out $ after cashing it should be as soon as possible from your end. Upon buying it is usually their due diligence to trust you/make sure you are reputable and your due diligence to be transparent/honest/play your best.


Hope that helps.
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Old 08-11-2017, 02:31 AM   #3
Bobo Fett
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Re: Contract, or guidelines on selling %?

https://forumserver.twoplustwo.com/16...stions-788152/

While that thread is in the online selling shares forum, you can probably find some helpful information there.
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Old 08-16-2017, 10:30 AM   #4
Arr Leden
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Re: Contract, or guidelines on selling %?

Quote:
Originally Posted by WALMARTcnxn View Post
If they buy 10% they are liable to pay 10% of your buy-in and you are liable to pay them 10% of any amount you cash for. If you cash for 10k someone who had 10% would get 1k. If you cash for 0 they get 0.

If for whatever reason you don't play the tournament you would be liable refund their money.

Make sure that some type of agreement is in place regarding taxes before they buy the % and they are clear on how much could be taxed in a worst case scenario.

In regards to paying out $ after cashing it should be as soon as possible from your end. Upon buying it is usually their due diligence to trust you/make sure you are reputable and your due diligence to be transparent/honest/play your best.


Hope that helps.
Yeah I included the tax part, since it can be quite a lot in the country I live in. They all agreed upon it Ty for thinking along with me.

Quote:
Originally Posted by Bobo Fett View Post
https://forumserver.twoplustwo.com/16...stions-788152/

While that thread is in the online selling shares forum, you can probably find some helpful information there.
Ty for the link I'll take a look
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