Boat Partnership Agreements

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ScottR

Can anyone offer any suggestions for a partnership agreement? We are ready to buy a Catalina 36 with another family and are looking for a legal agreement. Any suggestions? What has worked/not worked for you?
 
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Gary

partnership

My suggestion on entering into a partnership is to get the best insurance possible(try defender) and decide to split everything down the middle. I would also sit with your partner and decide EXACTLY what upgrades you may want to purchase after market (gennaker,autopilot,gps etc). You can make it work,but get everything out in the open NOW! If there are any problems as far as use,expense etc you can hammer them out now...IT CAN WORK!!! you just need to be up front in the beginning...Good Luck Gary
 
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Jack

Partnership with 3 Lawyers!

I was part of a partnership with two other lawyers. The agreement was clearly over-lawyered! The arrangement worked very well because we never referred to it. If you have to look at the document you're in trouble. Perhaps the best feature was that we had some definite ending point. We agreed that the boat would be put up for sale 3 years after we bought it -- we extended this deadline twice. Ultimately, I bought out my partners. If you are interersted in the form please e-mail me at jmurphy882@aol.com It may give you something to start with.
 
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Don Riha

15 years of experience

Having been in a partnership with the same person on 3 boats over 15 years here is my 2 cents. Discuss ahead of time, usage together and seperate, overnight stays, holiday usage, maintenance, upgrades, finances, will one race and the other not. I found the biggest problems were in the level of preventative and regular maintenance (checking oil and batteries, washing before going out, cleaning interior, spider maintenance, etc) Another cause of aggravation is individual usage on holidays or overnite trips. We drafted an agreement to cover much of the above but we ended up not really following it and working out differences as we go along. It does teach one to be flexible though. We piss and moan at each other but still laugh and continue. Good Luck
 
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