I have never really had anything that anybody would ever want to sponsor, but, I have the opportunity to have a sponsor (a non-profit organization) on the side of the boat. How do all of you deal with the business side of things. Set up an LLC and get commercial insurance? Set up a seperate set of books for the LLC (so that you recorde revenue but deduct expenses)? In this, do you depreciate the boat? Of course the sponsorship will not come close to covering what it will cost me, so it will not be profitable at all from my end, I am just looking to spread the word of the charity (and they are willing to pay me something to do so). Of course most of the time, the boat will be sitting static at different fundraising events. I will not be racing with it at all.

Or do you just take the cash, blow through it buying gas and replacement parts, and just roll with it?

Any help with this would certainly be appreciated. I will run it by my lawyer and accountant, but any opinions that I can get from others may help.