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

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Old 09-12-2005, 03:57 PM
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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.
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Old 09-12-2005, 04:08 PM
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Default 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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Old 09-12-2005, 05:56 PM
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Default Re: Who has experience using a limited partnership to own a boat?

partners are for dancing.........2 cents.............
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Old 09-12-2005, 06:43 PM
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Default 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!
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Old 09-12-2005, 07:01 PM
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Default 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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Old 09-12-2005, 07:18 PM
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Default 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.
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Old 09-12-2005, 09:08 PM
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Default 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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Old 09-13-2005, 12:21 AM
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Default 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!
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Old 09-13-2005, 12:29 AM
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Default Re: Who has experience using a limited partnership to own a boat?

Ditto
Quote:
Originally Posted by el indio
partners are for dancing.........2 cents.............
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Old 09-13-2005, 12:56 AM
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Run.....fast....trust me.
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