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16 Posts
Hi;
I'm nearing the purchase of a 39' Freedom, that I can afford to buy with cash (the loan rates are outlandish, compared even with second mortgages). When I called to get an insurance quote, I was surprised at the question "Will this be owned by an individual or a corporation?"
But after thinking about it, there may be some advantages to holding the boat as a closely-held corporation:
1) reduced liability exposure
2) sharing expenses with buddies while leasing from the corporation
3) perhaps simpler leasing/fractional ownership relationships
Any I have missed?
I would be interested in hearing the collective wisdom about this option, and how others may have used it.
Thanks
D
I'm nearing the purchase of a 39' Freedom, that I can afford to buy with cash (the loan rates are outlandish, compared even with second mortgages). When I called to get an insurance quote, I was surprised at the question "Will this be owned by an individual or a corporation?"
But after thinking about it, there may be some advantages to holding the boat as a closely-held corporation:
1) reduced liability exposure
2) sharing expenses with buddies while leasing from the corporation
3) perhaps simpler leasing/fractional ownership relationships
Any I have missed?
I would be interested in hearing the collective wisdom about this option, and how others may have used it.
Thanks
D