Essay
Steve paid $500,000 for the purchase of a "franchise" in a new professional soccer league.The franchise is in the form of a limited partnership under which Steve is not permitted to actively participate in the management of the team.The promoters of the league are to do all of the management and to make all of the decisions regarding that management.Steve will receive 15% of all gate receipts and revenue generated from the sale of licensed items such as jackets and coffee mugs.Is the franchise a security within the meaning of the federal securities laws?
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