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 :drool: the dancing devil smily icon.

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.

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

partners are for dancing.........2 cents.............

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! :D:D:D

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.

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.

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.

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

hmmm...Bethesda Md. This board is awesome. Look for an email from me ph'n lawyer!

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

Ditto

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

Run.....fast....trust me.