SteemPower Invests - Rough partnership agreement and club rules - Feedback welcome
Hello everyone, its Saturday and today we will mostly be looking at a rough draft for setting up SteemPower Investments into an investment club. It's pretty long and dry but i think i have covered most things. I would really like some feedback here as this is a draft and maybe things could be added are worded better.
Steem powered investments @spinvest has been set up to offer an investment fund based on funding from STEEM POWER. Investments are funded through extracting value out of STEEM POWER and taking advantage of STEEM's high inflation rate. The aim is not to get rich quick; the aim is to build a safe portfolio of investments that will stand the test of time while insuring all investors starting capital is not at risk. Full details can be found here
PARTNERSHIP AGREEMENT of the SteemPower Investments Investment Club. This agreement is made on the 31st day of August in the year of 2019 between the undersigned people as members for the purpose of joint investment in @spinvest including stocks, shares, cryptos, securities and precious metals for mutual benefit and interest.
- The first principle of the club shall be that no member shall be deprived of his/her equitable share in the assets of the club.
- Members of the club are expected to hold a minimum of 10 SPI tokens
- Members shall be bound by the rules to be determined by members. Such rules may be varied by majority resolution at a properly convened club meeting but the rules shall not at any time contravene the principles of this agreement. The partnership agreement cannot be altered without the agreement of 75% of club members present during any club are annual meeting.
- The club shall deal solely with investments on behalf of its own members and shall neither deal on behalf of nor advise any persons other than its members in relation to investments of any kind. All its activities will be confined to the mutual benefit and interest of its members.
- Club membership has no limit to the amount of investors that can join.
- No member shall be compensated for services rendered to the club and no member shall bind or obligate the club or any member of the club to any matters outside the affairs of the club.
- The rules shall determine the procedure whereby a member may resign from the club and withdraw his/her equitable share of the club’s assets but the maximum period to elapse between the date of resignation and the date of full repayment shall not exceed 91 days/13 weeks
- The club shall hold a general meeting once in every calendar year. The club’s first annual general meeting shall be within 15 months of its inauguration.
- At each annual general meeting, the members shall review and elect/amend new project structure format.
- Upon the death of any member the value of his/her equitable share in the club shall be paid to the executor of the estate in accordance with the club’s rules for dealing with a member leaving the club.
- The club’s investments shall be held by a list of trustees, of whom there shall be at least two, who will sign a Declaration of Trust to be recorded on the STEEM blockchain
- The shall use the @spinvest STEEM wallet as it's main bank. .All monies earned, curated, created from token sales are incomes from other sources shall transact through this account for auditing purposes.
- The ICO stage of SteemPower Investments will run until 1 million SPI tokens are issued to investors. Tokens shall be issued though direct and exchange sales, dividend payments, token price splits, giveaways are airdrop's.
- A member shall be expelled if ALL other members present at a properly constituted meeting of the club support a resolution to that effect. A member who is expelled shall be notified in writing and shall have his/her equitable share of the club assets returned within 91 days/13 weeks.
Rules of the SteemPower Investments Investment Club.
1. The affairs of the club
The affairs of the club shall be conducted in accordance with the letter and spirit of the partnership agreement laid down. The agreement may only be changed by agreement of not less than 75% of current members of the club during any club are annual meeting.
2. Officers
The affairs of the club during its ICO stage shall be managed by 2 officers - Operator and Executor.
a. Club members will be voted into officer roles as off platform investments and tasks required grow.
b. SteemPower Investments is set up to be semi-decentralized with club members deciding on investments, rules and partnership agreement amendments.
3. The number of people that can join the club shall not be limited to any number.
a. Acceptance of new members into the club shall be confirmed when the member has verified to agree to this agreement and currently holds more than 10 SPI tokens.
b. The club and its members reserves the right to refuse admission to any person without giving a reason.
4. Members of the club are encouraged to HODL are increase SPI token holdings
5. The club shall run it's main bank from the @spinvest wallet
a. All incomes, off platform investments, SE exchange withdraws and dividend payments shall transact through this STEEM account
b. Only appointed members will have access and are authorised to carrying out certain roles on behalf of the club.
c. No member can commit to an investment worth more than the amount of STEEM held in the account's saving wallet.
6. The club shall run a steem-engine wallet for trading tokens
a. All airdrops, mined, curated are earned tribe tokens shall be held on steem-engine
b. All withdraws will go directly to @spinvest
c. Only appointed members will have access to issuing new SPI tokens.
7. The club will only deal with the club's investment and for the benefit of the club only. It will neither advice nor deal on behalf of any person are other group.
a. No member shall make any commitment of investment on behalf of the club for personal gain
b. No member of the club shall be compensated for providing services to the club while in ICO stage
c. All affairs (conduct, behaviour, attendance of members, monetary etc.) affecting the club shall be agreed by the members at a club meeting.
d. Any member who breaks rules & conditions will be expelled after a warning has been issued and when 60% of members at a club meeting support the decision. The expelled member will be notified in via DM and have their share of the club holdings returned at current buy back rate (minus transaction fees) in full payment to their STEEM wallet within 7 days of expulsion.
8. When a member resigns and liquidate's all SPI token holdings, they must inform @spinvest within 7 days of resignation.
9. Upon the death of a club member, their club holdings shall will be transferred are paid to their executor in full payment within 90 days.
a. SPI tokens can be transferred to a nominated executor
b. SPI tokens will be cashed at the current buy back rate and sent in STEEM to a nominated user.
10. Club meeting will take place on discord every 13 weeks with the first taking place on the 5th
October 2019. The first annual meeting will take place within 15 months of this agreement being uploaded. Members are entitled to attend all meetings and vote on all matters.
11. The voting system is weighted
a. Any member must hold at least 10 SPI tokens to gain voting rights
b. 10-99 SPI's will earn a vote equal to 1
c .100-499 SPI's will earn a vote equal to 5
d. 500-999 SPI will earn a vote equal to 10
e. 1000-2499 SPI's will earn a vote equal to 20
d. 2500+ SPI's will earn a vote equal to 25
12. Minutes of club meeting shall be saved and issued to the blockchain through post from @spinvest within 72 hours of the meeting taking place
13. Tax affairs shall be dealt with by members themselves. An investment club is not liable to pay taxes for gains made from club investments.
a.Each individual member is responsible for reporting gains and losses on their individual tax returns.
b.In US, you fill in a 'form 1065 and schedule K-1 every year
c. In the UK, you fill in a form 185 capital gains tax: investment club certificate.
d. Information can be provided on request.
14. Club members acknowledge that the sole ownership of all equity appreciation shall reside with only those club members who have fulfilled all obligations as set out in this agreement.
15. The club shall be wound up and all assets converted to STEEM and divided among members in accordance with a resolution to that effect if passed by at least 80% of the members at a specially convened general meeting of the club.
16. After three years from the formal inauguration of the club the members shall convene a meeting to review complete holding and decide on a strategy for the next year
a. cashouts/partial cashouts to be decided and reviewed yearly therefore after
b. Investment balancing
c. Club structure
17. Capital account
a. The club’s assets shall be valued at least monthly by the operator and a report shall be presented through a weekly/monthly post. The value of investments shall be based at real time.
b. The operators report shall include at minimum total @spinvest steem power earnings, tokens earned from tribes and incoming earned from off platform investments.
18. Running costs
Expenses incurred in managing the club shall be recorded in the club’s cash account.
19. After ICO stage
SteemPower Investments members transform to fully decentralized when 1 million tokens are issued to investors
a. There will be a special club meeting take place
b. Club members will decide on appointing task related roles, trustee holders and officers.
c. Appointed club members will hold access keys, passwords and have access to club funds
d. SPI token price goes to market value with no new tokens being issued by @spinvest
e. Current operator commits to stepping down after SteemPower Investments has completed its semi decentralized to fully decentralized transformation
This is only a rough draft and is up for ammendment before the final is released and investors will beable to join up to the SteemPower Investment club. I set a date for the 31st of August to have the final completed.
How to buy SPI tokens
Below are the new steemconnect hotlinks that allow investor's to buy directly from @spinvest. Each token is priced at 1.10 STEEM each and beside each link is the true STEEM cost to reduce confusion. You can also send any amount directly to @spinvest and i will issue you SPI tokens to 2 decimal places for the value of STEEM to send. All tokens bought directly will be sent to investors SE wallets within 24 hours but most likely much sooner.
5 SPI tokens - 5.5 STEEM
10 SPI tokens - 11 STEEM
25 SPI tokens - 27.50 STEEM
50 SPI tokens- 55 STEEM
100 SPI tokens - 110 STEEM
200 SPI tokens - 220 STEEM
500 SPI tokens - 550 STEEM
1000 SPI tokens - 1100 STEEM
2500 SPI tokens - 2750 STEEM
5000 SPI tokens - 5500 STEEM
Convert other steem-engine tokens to SPI tokens
Most of us by now earn a few different tokens through other steem front ends are have been airdropped tokens during launch ect. I have wrote a step by step post that shows anyone how to convert other steem-engine tokens into SPI tokens. You can learn how by clicking here
Get in contact
Discord Invite - Click Here -
I go by silverstackeruk#3236 if you would like to DM me
And the cherry on the cake
What do you have to lose? What token has a operator with so much faith they offer a 92% buy back
Resteeming is a wonderful way to spread the word and get as many eyes as possible on this. Let's get a buzz going
Would this need me to do a KYC?
😜
LOL
No,
I would prefer to not collect any information apart for username and a STEEM wallet holder beneficiary.
Looks Good, I need to read more but everything I have seen so far is first rate 😎
Wow, that's a lot of work! I'm busy at the weekend but I'll print out and have a look early next week. I've written a little post here and dropped a note about SPInvest on @exyle's post.
read the post, amazing. I resteemed it as well. Thank you so much for taking the time, reviewing and sharing @spinvest
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Very thorough... that looks really good. I like that we are not avoiding things like deaths but this may be a bit weird. How will u know someone died? And do we need to nominate another steem account or a live person by name?
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Im not sure exactly how we will know someone is dead are not. The nominated person would have to be someone on the STEEM blockchain by username.
Thanks for the reply and feedback
I like the rules like this.
As for the inheritance point, it would probably be appropriate for all club members to give the name of a possible heir at the annual meeting and to give him some key that the heir will then prove in claiming the inheritance.
I thought that it would be best to select someone that is already on the STEEM blockchain. To be honest, i dont wonna be holding my personal data even it's it only a name and contact details and i dont wonna be involved with an investors post death affairs past the point of liquidating their holding's. Might sound harsh put into those words but if someone holds 1000 SPI and they are worth $1.50 each someday, it's not pocket change and SteemPower Investments would prefer to reduce the chances of getting caught up in unwanted drama. In my head, i thought it would work like this.
In an example i die and i picked my steemit buddy welshstacker as my beneficiary. I tell Welshstacker my wife's facebook name so he can PM her if i die. Welshtacker understands the blockchain (barely) and can easily convert my SPI holdings into £/$ and paypal are bank transfer them to my wife. My wife on the other hand does not even no what an SPI token is are understand that she needs to convert them into steem on the SE exchange and cash them out though binanace onto my BTC atm, ect. Picking someone already on STEEM makes it easier
😜😂🤣🤣🤑Welshtacker understands the blockchain (barely) 😎
I LOL'ed
lol, love getting a wee dig on welsh
Translations are a terrible thing ;-). I meant the username on steemit.com but did not write it quite clearly.
But there should be some security against abuse.