Who has experience using a limited partnership to own a boat?
09-13-2005 | 01:23 AM
#11
Registered
Joined: Jun 2004
Posts: 3,062
Likes: 0
Re: Who has experience using a limited partnership to own a boat?
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.
09-14-2005 | 11:01 AM
#13
Registered
Joined: Jun 2004
Posts: 2,236
Likes: 1
From: GLOC
Re: Who has experience using a limited partnership to own a boat?
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
09-14-2005 | 01:15 PM
#14
Charter Member #232
Joined: Oct 2000
Posts: 18,417
Likes: 6
From: Carlisle, MA USA
Re: Who has experience using a limited partnership to own a boat?
Originally Posted by el indio
partners are for dancing.........2 cents.............
Jon
__________________
Put your best foot forward!
Put your best foot forward!
09-14-2005 | 01:29 PM
#15
Registered
Joined: Jun 2001
Posts: 2,303
Likes: 109
From: McHenry, Illinois
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 09:28 PM.
09-14-2005 | 03:21 PM
#16
Registered
Joined: Mar 2001
Posts: 841
Likes: 1
From: edgewater,md.usa
Re: Who has experience using a limited partnership to own a boat?
Originally Posted by insptech
Run.....fast....trust me.
I'll never do it again.......................
09-14-2005 | 03:56 PM
#17
Gold Member
Joined: Feb 2002
Posts: 255
Likes: 0
From: Chicago
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.
....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.
09-14-2005 | 04:01 PM
#18
Registered
Joined: Jul 2004
Posts: 8,908
Likes: 9
From: Long Island,New York
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. 
I would have rather just been bent over to just clear up any doubts on the situation.
09-14-2005 | 06:03 PM
#19
Registered
Joined: Jul 2005
Posts: 140
Likes: 0
From: Baltimore, MD
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.
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.
09-14-2005 | 06:42 PM
#20
Registered
Joined: Jan 2001
Posts: 71
Likes: 0
From: NJ
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 06:46 PM.
Thread
Thread Starter
Forum
Replies
Last Post
SHARKEY-IMAGES
General Boating Discussion
5
03-23-2006 08:41 PM
AugiePensa
OPA/The Jersey Boyz
24
09-10-2004 08:12 AM
