Who has experience using a limited partnership to own a boat?
09-12-2005, 02:57 PM
#1
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Who has experience using a limited partnership to own a boat?
I'm interested in setting up a limited partnership to share ownership, maintenance and risk management for an offshore boat. There will be two of us and we will not be using the boat for business.
I spoke to State Farm and it appears that it will increase my rate somewhat. I've asked them to provide me a copy of the written policy including all exclusions.
Has anyone owned a boat using a ltd. partnership?
Also, please quit abusing
the dancing devil smily icon.
I spoke to State Farm and it appears that it will increase my rate somewhat. I've asked them to provide me a copy of the written policy including all exclusions.
Has anyone owned a boat using a ltd. partnership?
Also, please quit abusing
the dancing devil smily icon.
09-12-2005, 03:08 PM
#2
OffshoreOnly Antagonizer
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Re: Who has experience using a limited partnership to own a boat?
Now only if there was a good, boatless attorney based in Bethesda, MD who could help. Where to find such a person....hummmm.
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09-12-2005, 05:43 PM
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Re: Who has experience using a limited partnership to own a boat?
A partner in an Offshore boat?
When it breaks you'll find out really what limited means in the partnership!
When it breaks you'll find out really what limited means in the partnership!
09-12-2005, 06:01 PM
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OffshoreOnly Antagonizer
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Re: Who has experience using a limited partnership to own a boat?
Like any other transaction with a limited partner, the partnership agreement will provide for splitting maintenance costs and will also provide for a remedy if onepartner does not pony up their share - i.e. their % of ownership is decreased, their right to operate the boat is suspended, use your imagination. If you go into the transaction knowing you can afford 100% of the upkeep, you won't be pissed and/or crippled if the other partner does not pay their fair share.
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"Kevin, prepare for the summer."
-Mr. Sorkin, 10th Grade Geometry teacher
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-Mr. Sorkin, 10th Grade Geometry teacher
09-12-2005, 06:18 PM
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Re: Who has experience using a limited partnership to own a boat?
My boat is registered under a Nevada based LLC but only for liability and tax purposes, is that what your looking for? It costs around a G to get it up and running but I have info if you want it.
09-12-2005, 08:08 PM
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Re: Who has experience using a limited partnership to own a boat?
Melal Bros Racing, I have been interested in a LLC but have never pursued it. Can you PM me with details on how to set one up.
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