Co-Ownership Question . . .

[tpenfield]

Update:
I cast a no vote to the idea . . . lots of complexities to the idea. Insurance is a big concern . . . then there are the complexities of usage and responsibility that many of you have touched on.

 

[82rude]

Not in a million years !

 

[racerone]

Friend of mine ran a marina.---Started renting ( made a lot of money ) out boats.----Many cottages could be rented but use of the boat was not included.-----Simply because experience cottagers know that rookies make mistakes !!---Or if you do not own the boat you might not be as careful.

 

[kvkon]

51% ownership is the only share I'm interested in however you'll have 0% family if you try it.

 

[H20Rat]

Partner B takes the shared boat out, gets drunk, and runs someone over. Liability insurance isn't going to cover an accident that happens in the commission of a crime (boating under the influence) The other party is going to name every person on that title as a party to the lawsuit.

Hard NO!!! Nothing good will result from it.

The only way to do it would be set up a LLC that all owners pay into for shared maintenance. Basically rent the boat to yourselves. Plane ownership shares are often set up exactly like this, so it isn't unprecedented.

 

[tpenfield]

Update:

Everything is smoothed out among the siblings as far as not getting into co-ownership. Although one of my brothers was pretty excited about the idea, he understands the liability issues.

I'm on-track to get a boat (myself) over the next 1-2 years.

 

[mgjtkt]

A small business class teacher had this to say: A partnership is the worst ship that ever sailed!

 

[Texasmark]

I think comparing this to airplanes is like comparing apples to...........a pile of dung. Air operation is highly regulated and if you break something, you probably don't live to tell about it.

 

[Lou C]

The insurance worries alone would stop me from ever considering it.