can i charter my boat? - SailNet Community
 
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post #1 of 8 Old 03-02-2011 Thread Starter
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can i charter my boat?

I would like to know if I own in the future a catamaran boat,around 40 ft,that I bought new,would I be able to give it for charters?Or would I have to start a company or something?I mean I wouldnt want t o make any serious money out of it and definetely not give it bareboat but lets say if I could charter it 30 days a year..I live in Florida.
Also would I have to pay taxes for income from chartering?
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post #2 of 8 Old 03-02-2011
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Sure...if you sure to declare the income, and make sure to have a tax-id, and pay the sales tax, and pay for charter insurance coverage, and make sure people actually pay you, and make sure people dont do excessive damage to your boat, and make sure people pay you, and keep your boat in full functioning order as things wear out faster, and make sure to keep doing periodic upgrades to ensure you get customers, and do marketing to get the boat working, and make sure you have some way of going after deadbeats.

Personally...just not worth the hassle. If you cant afford the boat outright, dont expect charter to help the scenario. Its a tough *BUSINESS* with a lot of competition.

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post #3 of 8 Old 03-03-2011
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Also, unless you're doing bareboat charters, you'd need to have a USCG OUPV license, and if your boat can have more than 6 paying passengers, then you'd need a full Captain's license.

Do you really want strangers taking your boat out without you aboard???

Sailingdog

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post #4 of 8 Old 03-03-2011
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and then there is the commercial documentation of the boat.

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post #5 of 8 Old 03-03-2011
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Aside from being in a service business, a big barrier to offering your boat for bareboat charters is finding an insurance provider who will cover chartering> I do not believe most individuals who offer their boats for bareboat have more than the standard vessel documentation.

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post #6 of 8 Old 03-03-2011 Thread Starter
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OK,So from what I understand the easiest way is to go with bareboat chartering with the downside of this being:charterers that will destroy my boat, and expensive insurance.
welll the first I can avoid cause I am not planning to give my boat to total strangers.So I guess the difficult part is dealing with insurance companies and make sure they dont eat you alive..
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post #7 of 8 Old 03-03-2011
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I would equate chartering out my boat to pimping out my wife....actually it is worse than pimping out my wife

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post #8 of 8 Old 03-03-2011
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Quote:
Originally Posted by christianoronaldo View Post
So I guess the difficult part is dealing with insurance companies and make sure they dont eat you alive..
If you don't have a Six Pack license or a Master's license, depending on how many charterers you will carry on board, then the most difficult part is getting the license. The alternative is to hire someone to captain the boat. Now you are talking some serious money all things considered.

Captain Tony
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