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Old 23-07-2013, 09:00   #1
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sample partnership agreement?

Thinking about getting into a short-term partnership with the seller of a boat (elderly couple, can't do the upkeep anymore but would still like to be able to use a boat, I can do the upkeep and maintenance, but help with the overhead would be great).

Anyone have any sample partnership or co-ownership agreement they would be willing to share? Can be e-mailed to rstackjd "at" gmail "dot" com.

Thanks!
Bob
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Old 23-07-2013, 09:17   #2
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Boat: Sandpiper 565
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Re: sample partnership agreement?

I would keep it simple:
- if you're not friends, or willing to become friends with the couple, don't bother.
- officially buy the boat from them, and assume responsibility for it on paper - your name on ownership, insurance, marina, etc
- draft a letter of understanding that they will get X days of use per season, and in return they will contribute Y% to the marina fees, insurance, annual maintenance. Since you're the owner of the boat now, upgrades are your responsibility and cost. It's not fair to stick the old couple for the cost of a new sail or engine replacement if they have only a few years left to use the boat. Such considerations would have been addressed by the purchase price.

This keeps it clean, they have their money, you have your boat, you both share use. Any other arrangement, like legal co-ownership just seems more hassle than beneficial. Someone always ends up feeling screwed.
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Old 23-07-2013, 09:21   #3
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Re: sample partnership agreement?

Quote:
Originally Posted by Lake-Effect View Post
- officially buy the boat from them, and assume responsibility for it on paper - your name on ownership, insurance, marina, etc
- draft a letter of understanding that they will get X days of use per season, and in return they will contribute Y% to the marina fees, insurance, annual maintenance. Since you're the owner of the boat now, upgrades are your responsibility and cost. It's not fair to stick the old couple for the cost of a new sail or engine replacement if they have only a few years left to use the boat. Such considerations would have been addressed by the purchase price.
Actually something like that is pretty much exactly the concept. They are already "friends once removed" (ie. close friends of one of my close friends) and people whom I enjoy, so the friendship part is there

Thanks!
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