Joint Boat Ownership Agreement Format
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FAQ
A number of families together own a boat as a syndicate. Each owner contributes to the upkeep in proportion to the size of their share of the boat. The most common syndicate size is 12 or 12 plus a half share. Owners of full shares usually get at least three weeks holiday on their boat each year.
While signing a boat-sharing agreement, the ownership rights should be divided as equally as possible. It is important to determine maintenance costs, boat repairs, taxes, and scheduling. Defining what ownership means is also important, so no one oversteps any boundaries without complete agreement.
With the company; the boat is owned by the syndicate (the co-owners of the boat) rather than a third party. Each co-owner owns a portion of the boat, and unequal ownership is permitted. Depending on the company/management you're buying from, the boat is managed by the owners or a third party.
The primary reason for owning a boat in a company is liability protection. Most savvy buyers form a separate entity for each individual asset, including large vessels, the idea being that the owner can limit its liability to the value of the assets in the company.
Co-ownership is ideal if you have someone you trust who wants to buy a boat with you. If you can afford to buy a boat of your own, you may prefer to purchase one outright and share it on a peer network. Take your time and choose the right boat-sharing arrangement for your needs.