RRT racer

enjenjo · February 09, 2009, 09:49:07 PM

Ok, there are some questions that need answered about this build. First off, I can't afford, nor do I have the time, to finance and build this on my own. Plus, if this will be racing when it's out of my control, I don't want to be the owner. With liability the way it is today, it would be foolish.

So, we looked into it, and we can set up a club based non profit corp. that would own the car.The cost for this is reasonable, and there is no tax liability as long as there is no profit. this will take a short time to set up, a couple months, so if we are going to move on this now, we will just have to have a gentlemans agreement for the time being. For the purposes of this corp, being a member on the RRT would qualify you for being a shareholder in the Corp. but you would have to invest in the Corp to be a member of it. We also would need to elect at least three officers to run this Corp. And, you will have to be a shareholder in the corp. to run the car, or be an officer.We can do fund raisers, but 65 percent of the capital has to come from the shareholders to qualify for this type of non profit.

At this time we are looking at shares in the Corp being $50 each. If you want to buy more than one, it's fine, but no one with more than 10 shares. this may be revised later. We will have to figure out bylaws and rules once we get it going. there will be a forum and user group set up for the shareholders.

The purpose of this particular post is to find out how many are interested in participating, so we can figure out if it's a viable idea. So if you can respond to this post, or by PM if you prefer, we will figure out if it's going to work. I would like to hear from you in the next couple days, because there is an opportunity to get a body that will go away wednesday.

Fat Cat · February 09, 2009, 10:09:00 PM

I am interested.

Crosley.In.AZ · February 09, 2009, 10:42:04 PM

this answers some questions I had in my mind on this venture and where liability would fall if an accident happens while the car is in use or on the trailer in transportation from state to state.

Even for a non profit club setup , there would need to be proper record keeping and reports filed yearly.

river1 · February 09, 2009, 11:14:36 PM

i'm interested but in this economic climate my wallet is not :cry: :cry:

things can always change so we'll see

later jim

phat46 · February 10, 2009, 12:31:06 AM

I'm interested also

purplepickup · February 10, 2009, 06:10:44 AM

I'd like to help. I'll be retiring soon so hopefully I can manage my time more to my liking.

sirstude · February 10, 2009, 08:46:42 AM

Put me in also, I guess I will have to arrange a "fly in to Work weekend" one of these days.

Doug

WZ JUNK · February 10, 2009, 12:05:25 PM

I would like to help if I can but I doubt that I can send any money. I try to help Hooley with his two race cars and that is more than my budget can handle. I do have a collection of odds and ends that I might be able to contribute a piece or two if I have something you need.

I applaud your efforts. Helping Hooley has been the experience of a life time for me. Through our work on the Bonneville car and now the Henry J gasser, I have been able to have experiences that I thought I would only be able to read about or watch.

John

Mikej · February 10, 2009, 02:27:48 PM

Frank
I would be interested and can provide some support. I like the idea of the Corp. and shares. Would we need to buy an addition share yearly for insurance and such? or could be prorated per member?

moose · February 10, 2009, 04:51:00 PM

I am interested also...

Leon · February 10, 2009, 05:29:56 PM

Sounds like it's going in the right direction. That would solve a lot of problems.

enjenjo · February 10, 2009, 05:45:39 PM

The idea behind incorporating, and shares, it helps insulate us on liability. And if in a few years we want to liquidate the team, each would get a share of the proceeds in proportion to his shares. I am not saying you would get all your money back, but you would get a portion.

To make this a go, we will need a minimum of 40 shares subscribed to start. We can offer more shares as needed. If someone donates parts to the build, I think they should get that value in shares. But not if the parts are lent for the build. Labor would not be included in this.

Once this gets going, we can have different parts of the build done in separate builds in different parts of the country. This would have to be coordinated to make sure it works together. For instance, one crew with the body, another with the frame, a third with the rear end, ect.

We may need a rules committee to make sure the car will be legal to run in as many venues as possible. because of this, I think a bracket car would be better than a class racer. And if we are looking to Bville in the future, or Maxton, or other, we can incorporate that in a bracket car.

GPster · February 10, 2009, 10:08:55 PM

Put me in for two shares. When and if it gets far enough and we decide if SBC is the way it's going I'll offer that 4 bolt main 350 towards a further buy in. It's an expenditure for me to make build days but I'm looking foreward to that expense. GPster

HotRodLadyCrusr · February 10, 2009, 11:31:54 PM

I'm in for a share.

Ohio Blue Tip · February 11, 2009, 08:55:16 AM

I'm in, I can help with labor, maybe some parts and some money.