The British Horseracing Authority (BHA) has guidance on each type of scheme, but to an outsider, the distinction may not be immediately obvious. Understanding the distinction is important because the BHA forbids calling a racing club a syndicate, and vice versa. In the simplest of terms, a syndicate is where every single member owns a share in the ownership of a horse (no matter how big or small); a racing club is when the club owns (or leases) the horse, and club members are simply that: members of a club who enjoy certain club benefits, which often include a share in any prize money won by club-owned horses. Racing club members do not own a share in the horse(s).