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  #1  
Old 02-04-2007
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Partnership

Any advice on partnerships? I own my bought, well the bank does, but its in my name. I was approached by a guy about a partnership. He is next on the list for a slip at the Marina we are in, but he has no boat and needs to be a 1/4 owner to get the slip. He said he and his family would use the boat a couple of days every two months as he is a UAL pilot and is only in town occasionally. We don't have a slip, we are transient, and come April (sailing season here) we will have to move to another Marina, which we don't want. The waiting list is 5 years at the place we are now. I am not worried about a scam because I can verify everything through the Marina. Any thoughts? I know nothing of the legalities and cost sharing.
Thanks
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Old 02-04-2007
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Moondance, a partnership is a marriage. Enter into it only if you have partnership papers that will clearly deliniate everything, i.e. who gets what use, who pays for repairs, how each partner can back out including forcing a sale and valuation if necessary.
Since you bank owns the boat they may have something to say about this too--like, foreclosing on the loan and requiring a new one to be issued. Similarly insurance will change, and if your partner has an "oops", you may be jointly liable. If his wife divorces him and sues for assets, your boat may be one of them. And so on.
Partnerships can be a good thing--but especially with a stranger, you need to structure it as a business relationship, contract and all. Search on "boat partnership agreement" and you should find some samples and such on the web.
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Old 02-04-2007
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Yikes, I didn't think about the "wife divorce" thing. That alone scares the hell out of me!
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Old 02-04-2007
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If you're going to do something like that, it would probably be best to talk to a lawyer specializing in marine law, and you should also probably setup a corporation for holding the boat... that way if your partner does something stupid, and gets sued for it... your personal assets can't be attached for the settlement. Also, if he does get divorced, the boat isn't actually owned by him, but the corporation.

Also, you would have to clearly define who is responsible for what... in terms of money spent, time spent doing maintenance, time spent sailing the boat, etc... it is a pretty serious committment... and one you need to think about carefully.
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Old 02-04-2007
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All great advise. If you decide to go the corp. route, make sure that it would qualify for the other guys spot on the waiting list. Sometimes that will not count without the slip holder being named as a managing partner.
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Old 02-05-2007
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"managing partner."
Might be easier to sell him the boat and then write up a charter and buy-back program for yourself.
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I think I have decided against it. Its just too much to deal with and worry about. Especially since this is my first "real" boat, my baby. Thanks guys.
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Old 04-07-2014
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Re: Partnership

I had very positive experience with one partner on Catalina 30' and another on Niagara 35'. I disagree with "compatibility" requirement and with those who compare partnership with marriage. Partnership works best if it is treated as a business rather then emotional or romantic affair. I hardly ever sailed with my partners and never spent much time socializing with them. We had different interests and personalities. What was critical, however, is that my partners had the ability to pay for their share of expenses and damages they inflicted on the boat. Both of my partners had high income and $$$ was never an issue. One partner was neither very experienced nor super catious and broke few items but he quickly replaced them with new and often better kind. The bottom line is that one should not even consider for boat partnership anyone who barely makes his ends meet.
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Old 04-07-2014
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Re: Partnership

Unless you're young. A friend has been in partnerships from a wood T-Bird in college to a new Hunter 38 today. All of them worked well.
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Old 06-09-2014
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Re: Partnership

looking to partner on trimaran-experienced- any interest out there. I live in Florida and have many miles.. want to get another boat, but this time a share deal only.
Bruce
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