J70 Class Rules
A friend of mine is buying a J70 with a partner. Since I am a lawyer he asked me questions about creating an LLC to prove that he owned the boat equally with his partner. I think it is so they both can be designated an owner under class rules, which defines an owner as owning fifty percent of the boat and paying fifty percent of running costs. I thought an LLC was a little extreme since in addition to starting costs it is $500 per year to file an annual report.
I read through the rules and no mention of what is needed to prove ownership. I would think it would be as simple as a bill of sale and maybe a sworn affidavit. Has anyone participating in the class had to deal with this issue? I believe he may be overthinking it.
Re: J70 Class Rules
I'd use a bill of sale, as you suggest, and save the money (your fee and the $500 annual report) until someone complains that a bill of sale isn't sufficient. As you also suggest, that isn't likely. The class rule is there so that owners are protected against ringers, hot-shots, or professionals coming in and picking up all the silver. When this happens, people decide not to buy the types of boats that allow it, and the bottom falls out of the market for those boats. This is bad for the boat owners and the boat builders, so the class promotes owner-driver rules.
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