Sharing a boat - Page 2

Jeff_H · #11 01-18-2002

The partnership agreement would make a very long post (even for me). If you want a copy, email me and I would be glad to send an blanked out copy.

Jeff

aasault · #12 01-21-2002

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.

Any thoughts?

Jeff_H · #13 01-21-2002

As much as that sounds like common sense, I think that the reality is that most people need a loan to buy a boat even with a partnership. The partnership contract should address that issue but my best advice is if you have to worry about the partner making his loan payment then you probablyhave the wrong partner or you are the wrong partner because can''t afford the risk.

Jeff

aasault · #14 01-21-2002

Most people do need a loan to buy a boat... my suggestion is to borrow the money elsewhere, and not encumber the boat.

Art

barry1333 · #15 01-26-2002

I''ve been in a boat partnership for the past five years and overall it has worked well. A few bits of advice for anyone considering one:

1) Take the time to write out a partnership agreement. It ensures that everybody is on board with regard to expectations and responsibilities. What one of the previous respondents said about leaving the boat in bristol condition is important to the partnership working well.

2) If you don''t have crew or don''t like sailing alone your partners can be good sailing buddies - so compatibility is important.

3) Make sure your desired uses are compatible, if one partner wants to take the boat cruising for six months and the others see it as a weekender, you''ve got problems. Talk about these issues before you join the partnership.

4) Make sure your partners are financially solid. In our partnership we agreed that we would all put up cash and that no one could put up their share of the boat as security on a loan.

Barry

amthesailor · #16 02-01-2010

Quote:

Originally Posted by Jeff_H

The partnership agreement would make a very long post (even for me). If you want a copy, email me and I would be glad to send an blanked out copy.

Jeff

Does Jeff or anybody else have such partnership agreement that you don't mind to share with me?

Thanks a lot

Dan

amthesailor · #17 02-01-2010

Quote:

Originally Posted by Jeff_H

The partnership agreement would make a very long post (even for me). If you want a copy, email me and I would be glad to send an blanked out copy.

Jeff

Does Jeff or anybody else have such partnership agreement that you don't mind to share with me?

Thanks a lot

Dan email:amthesailor@hotmail.com

sailingdog · #18 02-01-2010

amthesailor—

Since you're new to Sailnet, I'd highly recommend that you read the post that is linked to in my signature.

Also, check dates on posts, as this thread is over 8 years old, and was dead until you revived it.

Finally, if you want a copy of the partnership agreement, I would highly recommend you PM Jeff_H directly. However, you will need 10 posts to PM him.

amthesailor · #19 02-06-2010

Sailingdog,

Thanks for your reminding. I was fortunate to find Jeff, who was kindly enough to have sent me a copy of the said agreement. Isn't that amazing? 8 years, this posting was 8 years old, I did not even realize it until you told me so. I hope all the folks here at this website all have had a great time sailing in that 8 years including you sailingdog.

take care, folks! Have a great sailing time!

lancer63 · #20 05-09-2010

great discussion; very helpful for someone just entering a new partnership