Lottery Pool Agreement !!

Reply #4

hypersoniq — Fri, 20 Feb 2004 23:34:40 GMT

FEIN = Federal Employer (tax) Identification Numberyou will use this for tax purposes, where an individual would just use their Social Security Number.If you want to go the extra mile, have everyone sign it in front of a notary public... It's the same way you form a trust, by getting it notarized. Just add a line for the witness to sign and leave space for the notary stamp... leave the drawing date as a blank, then just fill it out for each drawing the pool is in on...

Reply #3

luckycat — Fri, 20 Feb 2004 23:19:24 GMT

what does EIN number mean? and why the IRS///? just wondering.

Reply #2

river ph — Fri, 20 Feb 2004 21:12:14 GMT

Lottery Analyst, Yes NJ Lottery allows multiple winner on a ticket. Winner has to fill out a special form. And on their web site NJ lottery have this information posted :Guidelines For Participating in Office PoolsThe lottery has issued a listing of common sense tips to follow should players venture into office pools.Know your pool - get the names and phone numbers of everyone involved in your pool, particularly the individuals who are in charge of purchasing the tickets and the person w... [ More ]

Reply #1

Lottery_Analyst — Fri, 20 Feb 2004 01:19:49 GMT

River,I run a lottery pool in Georgia. Does NJ pay out more than one winner on a ticket? Some states like Georgia will only pay one winner or entity. If that is the case, you will need to apply for a EIN number with the IRS and have the agreement set up officially and legally as a lottery club. Otherwise, whoever cashes in the ticket will get stuck paying all the taxes. Good luck....JohnLottery Analyst

Lottery Pool Agreement !!

Todd — Thu, 19 Feb 2004 23:54:49 GMT

River,I would say that anything in writing is better than nothing. Some people would say that you practically need to have a lawyer drawn up the agreement and it needs to cover every angle. But in reality something as simple as your document would most likely have no problem holding up in court.