Join Date: Apr 2006
Thanked 173 Times in 170 Posts
Rep Power: 12
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.