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Originally Posted by SentToStud
Here is what you do to make this work...
1. get a group of 5 or 6 people. Any more than that it won't work.
2. You need a general partner. This is the person to be trusted. You need to give him an extra share for risk and taxes, or otherwise work that out.
3. Get a dedicated bank account.
4. The morning of the play, all the partners need to deposit their share in the account. At many banks, you do not need to own the account to make a deposit. BoA, Banco Popular, are a couple.
5. If everyone owes $200 for the day's play, you have deposits made like this $200, $201, $202..... Before the bet is placed, you can look at the account and know who has/hasn't deposited.
I'd offer to handle the money but the Sent2Stud Enterprises client trust account has been siezed by the IRS.
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also the IRS has a form -- Form 5754. - If winnings are to be split, as with a pool, winners are reported on a Form 5754, so that each individual would be responsible for his/her own taxes. If your share of a $5 million prize is say $1 million, you do not want to be stuck with paying income tax on the entire $5 million.