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.

Now only if there was a good, boatless attorney based in Bethesda, MD who could help. Where to find such a person....hummmm.

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

A partner in an Offshore boat?

When it breaks you'll find out really what limited means in the partnership!

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.

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.

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.

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

Ditto

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