Sharing a boat
Jeff_H and Others,
My wife brought up a very good point about partnerships, one which hadn''t given much thought. A PARTNER(S) SHOULD CASH ONLY, NO BOAT LOAN.
If a partner needs to borrow money to participate, they can get a second mortgage, personal loan, etc.. That way the boat title is clean, no lien holders. If a partner falls on hard times (marriage, divorce, ENRON stock holder, etc) the other partner(s) aren''t left holding the bag on his payment. The boat expenses after his point of insolvency could be deducted from his buyout share or boat sale proceeds.