We have seen a myriad of different partnership arraignments work. Family partnerships, business partners or friends who purchase a boat together, relative strangers who become a member on
First, for clarification’s sake, an LLC (Limited Liability Company) is a type of corporation. However, for ease of discussion I’ll use the term “corporation” to refer to a
A key question for boat owners who are interested in adding a partner to their boat is, “How will this affect my insurance?” Actually, insuring your boat with
The simple answer is yes, having what is known as a “Bareboat Sharing Contract” in place with your partners is essential. In the beginning of a relationship or
It is all coming together; you and your three best friends have worked through the details, hammered out the sharing agreement and come to terms on how on-going
