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 a boat and remain for years – there really doesn’t seem to be a single defining characteristic that insures success in a boat sharing relationship. There are, […]
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 Subchapter S Corporation (we will leave C Corporations out of this discussion as impractical for putting a boat into). In the world of boat sharing, there is […]
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 partners is really quite easy. However, as with everything, open and honest communication will be critical to the success of your partnership because their age, boating experience […]
A few months ago one of my boat sharing partners left the following message on my cell phone. “John, can you call me back? I really need to talk to you.” I was having dinner and figured I would call him back later that night. During dinner he called again and left another message. “John, I really need you to call me back – John … It’s really bad.”After listening to this one I was obviously motivated to call him back right away. He told me that he had been blown sideways while docking and the side of our boat had been scraped by the anchors of two other
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 if you have a relationship that has never had any problems, it may seem awkward to introduce the formality of a contract. However, the moment something goes […]
A great question I sometimes get is, “If we are going to be sharing do we have to keep the boat stored at a marina?” Quite simply no, I know a number of individuals who share a boat that keep the boat at their home. A great example of this is when you are sharing […]
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 maintenance expenses will be paid. But with each of you owning 25% of the new ski boat…who’s in charge? While you each have an equal share it […]
It could be as simple as a new coffee pot or it could be the latest in boating technology such as Satellite TV, FLIR or Underwater lights but at some point one partner will want to add something to the boat that another may not want to? So how do you handle it? The first […]
