When the national lottery first started out in the UK, it was suggested that if you were part of a syndicate, then it was wise to set a contract for all people taking part.
I am looking at setting up another syndicate now at my new working place. Any ideas where I could get the contract from? Are their any on the net that I could tinker with?
Thanks.
2006-11-10 02:01:14 · 4 answers · asked by Anonymous in Games & Recreation ➔ Gambling
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2006-11-10 02:08:31 · answer #1 · answered by Charlie Babbage 5 · 0⤊ 0⤋
I don't know whether there is a set one on the internet, there probably is, but things you should watch out for are:
What happens to the money if you won a large sum? How would it be divided up?
What happens if one of the syndicate doesn't pay and then the syndicate wins?
What happens if the ticket is not bought one week for some reason? What happens to the money already collected? Who would be responsible if there was no ticket bought and that was the week the chosen numbers would have won? Who would be liable for that?
It is probably best to do lucky dips only in syndicate situations unless there are six numbers that you can all agree on equally otherwise someone will say that they chose the numbers and therefore should be entitled to claim more of the winnings?
What happens if you win a small amount? Will it be reinvested the following week? My husband's syndicate agreed to put all small winnings into a pot and then they used that to off-set the cost of the Christmas party at the end of the year.
What happens if someone wants to leave the syndicate or leaves work and the winnings have been put into a pot for the end of the year?
Maybe it would be better for you to let someone else have the hassle!
2006-11-10 02:10:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm in the US, but I'm sure that our tax systems are somewhat similar. In addtion to the contractual agreement, you should also set up a tax ID separate from your own to report your winnings. This tax ID can be applied for under a name that you give to your group. This way, when it's time to pay taxes, the burden won't fall on you and everyone can pay their fair share. In regards to the contract, there are plenty of websites that you can visit to view examples...when you find one that is suitable for you, you can have an attorney just review it...(that's more cost efficient than having the attorney prepare AND review it) Here are some sites for you: allbusiness.com (may require a fee to download, but site membership is free--but you're able to copy and paste portions of the documents), xdrive.com--requires an aol or aim screen name...if you don't have one, you can create one; once you get in, just do a search for contracts (this is free), or you can try your hand at lawdepot.com...GOOD LUCK!
2006-11-10 02:54:42 · answer #3 · answered by T Snders 2 · 0⤊ 0⤋
I know that there is a standard contract that syndicates can set up. Youll maybe find it on the lotto website.
2006-11-10 02:18:56 · answer #4 · answered by Sophia 2 · 0⤊ 0⤋