J70 Class Rules
A friend of mine is buying a J70 with a partner. Since I am a lawyer he asked me questions about creating an LLC to prove that he owned the boat equally with his partner. I think it is so they both can be designated an owner under class rules, which defines an owner as owning fifty percent of the boat and paying fifty percent of running costs. I thought an LLC was a little extreme since in addition to starting costs it is $500 per year to file an annual report.
I read through the rules and no mention of what is needed to prove ownership. I would think it would be as simple as a bill of sale and maybe a sworn affidavit. Has anyone participating in the class had to deal with this issue? I believe he may be overthinking it.