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Who has experience using a limited partnership to own a boat?

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Old 09-13-2005, 02:23 AM
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Default Re: Who has experience using a limited partnership to own a boat?

Quote:
Originally Posted by G Man
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.
Sure, check PM's mid day OK
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Old 09-14-2005, 11:59 AM
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Default Re: Who has experience using a limited partnership to own a boat?

People always look for a partner for one reason... someone wants to get screwed. .05
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Old 09-14-2005, 12:01 PM
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Default Re: Who has experience using a limited partnership to own a boat?

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Originally Posted by METAL BROS RACING
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.

Metal Bros Racing

What kind of tax advantages can you get by placing your boat in an LLC?
SAR
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Old 09-14-2005, 02:15 PM
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Default Re: Who has experience using a limited partnership to own a boat?

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Originally Posted by el indio
partners are for dancing.........2 cents.............
AMEN!!! Just get a smaller boat you will enjoy it more.

Jon
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Old 09-14-2005, 02:29 PM
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Default Re: Who has experience using a limited partnership to own a boat?

Partnerships work great with sailboats and airplanes. Sailboats have very little to go wrong and airplanes have rigid maintenance schedules with known costs. You will regret it the first time something breaks. Is it maintenance or driver error/abuse? Get a smaller or used boat that you can afford alone.

Last edited by Brad Zastrow; 09-14-2005 at 10:28 PM.
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Old 09-14-2005, 04:21 PM
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Default Re: Who has experience using a limited partnership to own a boat?

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Originally Posted by insptech
Run.....fast....trust me.
True to a point. If you do all the work in an agrement it might work. SPELL EVERYTHING OUT AND LIVE WITH IT.

I'll never do it again.......................
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Old 09-14-2005, 04:56 PM
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Default Re: Who has experience using a limited partnership to own a boat?

[QUOTE=scottc]True to a point. If you do all the work in an agrement it might work. SPELL EVERYTHING OUT AND LIVE WITH IT.

....even if it is very specifc, you will be surprised how quickly blame will override and muddle any such language. I agree with other posts, size down to what you can handle on your own.
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Old 09-14-2005, 05:01 PM
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Default Re: Who has experience using a limited partnership to own a boat?

I was in a partnership with my brother-He would blow it up every weekend, and i would fix it.Worked out great I would have rather just been bent over to just clear up any doubts on the situation.
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Old 09-14-2005, 07:03 PM
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Default Re: Who has experience using a limited partnership to own a boat?

I use my boat as part of my LLC. Promotion, Limited Chartering, Advertisement, etc. Set up the LLC in PA (though I live in Annapolis, MD). Cost about $800 for everthing.

BTW, the backbone of my business is cleaning/detailing for powerboats/speedboats only. Not an ad, just letting you know what I use the boat for.
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Old 09-14-2005, 07:42 PM
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Default Re: Who has experience using a limited partnership to own a boat?

I recently bought my partner out. It was the best move I ever made. The partnership was a nightmare! No matter how good it seems at first, it just does not work out. Do your self a favor and take scottc's advise and run!

Last edited by murf; 09-14-2005 at 07:46 PM.
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