DRIVEN1

Say two guys buy a boat together and title it in both names. If one of them did something with the boat would the other guy also be liable? Both names would be listed on the insurance policy if that makes a difference. Thanks Mike

Chris Sunkin

They would certainly both be named in the legal proceedings. What a jury decides is anybody's guess.

DRIVEN1

That is kind of what I was thinking, but I am no lawyer and have made some dumb choices in the past. Thanks

Chris Sunkin

On high-dollar items like yachts, jets, vacation homes etc., it's common to have the item set up as a corporation and the "owners" would become "shareholders". It can be a little bit complicated and it does bring some costs but all aspects are outlined in the corporate bylaws- everyone has clearly spelled-out rights, responsibilities and obligations. This is one way to make it happen while avoiding liabilities and disagreements.

Von Bongo

Having financed a number of aircraft LLC's I can tell you it doesn't end the disagreements

DRIVEN1

That would be a good idea. I think I paid something like $299 to do a s-corp last year. Thanks for the info. Mike