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RE: #steemsaturday | Steem Power Investments - Review of Draft Partnership Agreement and Rules

in #steemsaturday6 years ago (edited)

Hello,

Great post. Writing and grammer is not my strength, im more of a numbers guy so these suggestions are most welcome.

1st Suggestion on 'partnership agreement'. To keep everything legit and keep the tax man off our backs a partnership agreement is required. According to UK tax laws, an investment club were all members enter a partnership agreement, the club is not liable to pay taxes on any gains and it is up to each member to pay their own taxes.

The rest of your suggestions will be used and are spot on. I agree with the change in voting weights you applied but i think 25-50 tokens should be the minimum to beable to vote.

FYI, when 1 million tokens are issued and we go fully decentralized this partnership agree will most likely change to an agreement with a few additional changes being made. Under a partnership agreement, no member can legally take any form of salary. When it's fully decentralized and earning good money from a 1 million+ SP balance, i'll be wanting paid in some way are another for all my work as will other investors that play important roles so an agreement will be formed to replace a partnership agreement. This also is when the club would be liable to pay tax, have an accountant and get regulated. Even at todays prices, 1 million SP should produce around $4000 per month which would cover costs of around $8-12k to get regulated but then it would be a legit investment fund.

It'll all kick off when the final partnership agreement is uploaded and we start to build members and a community. I dont plan to be a 1 man show forever :)

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Morning - you're wide awake now, aren't you? :)

The Partnership Agreement has to be the right wording. I was just thinking how it would work practically on the blockchain.

Exciting!