23 CAR § 357-316. Partnerships

(a)(1) Each partnership shall be registered with the Arkansas Racing Commission. (2) Partnership papers shall, among other things, set forth the following: (A) The name and address of each person having any interest in the thoroughbred horse involved; (B) The relative proportions of such interest; (C) To whom the winnings are payable; (D) In whose name the horse shall run; (E) With whom the power of entry and declaration rest; and (F) The terms of any contingency, lease, or any other arrangement concerning the horse. (3) All partnership papers must be signed by all of the parties or by their authorized agents. (b) Any alteration in a recorded partnership registration, to be effective, must be reported in writing to the commission and signed by all the partners. (c) All the parties to a partnership, and each of them, shall be jointly and severally liable for all stakes, forfeits, and other obligations.