[Alberg30] Partnership advice?

[Bruce MacDonald]

on 3/26/02 5:31 PM, Kevin Blanc at t.k.blanc at att.net wrote:

> I've regretfully had my boat for sale for about a year now. Recently,
> I've been discussing partnering with someone that responded to my ad. I
> see it to my benefit because I would get to keep sailing a boat that I
> love (I don't get to sail much anyway - if  I got out 6 times a year,
> that's a good year - which is why it is for sale), the boat would
> receive much needed improvements, we' both be interested in being on the
> starting line a few times a year, and I could bring another family into
> the fleet.
> 
> I'm sure there are downsides to partnering, but I'm pretty amiable. My
> potential partner seems like a heads up guy - he's smart enough to
> follow this forum. :0)
> 
> We are both wondering about partnership agreements. Are they hard to set
> up? Should they be drawn up by an (ack) attorney? Is there a "boating
> community" standard?
> 
> Any thoughts on the topic would be much appreciated.
> 
> Thanks in advance.
> 
> 
> 
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Your partnership agreement should not require a lawyer (unless there's
already some animus between you--which I doubt there is), and should be
recorded in your title and registration as each having an undivided half
interest. Your interest, and your partner's, should be transferable to a
future partner or heir.

The agreement should also specify 50-50 obligations for maintenance, major
repairs, berthing, storage, insurance, etc.

Each partner should have first right of refusal should the other wish to
sell out his share.

Don't let an insurance company charge you any more for dual than for single
ownership.

Finally, no agreement will hold up in the face of unreasonable behavior; the
tightest agreement will fail if the partners lose good cheer and common
sense.

Good luck to you both.
Bruce    

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