Do I need to re-Christen my newly purchased boat?

[hellosailor]

When you're talking megayacht, you're talking megabucks.
The yacht may well be owned by a charter company--which makes the IRS very happy--and the "real" owner merely has extra rights as to when they can pre-empt a commercial charter. Typically the IRS-blessed situation is that the boat is in an arms-length charter company under active management, and when the real owner wants to use it, they simply charter it like anyone else. The money they pay doesn't matter, since profits come back to them anyway.

The charter company that owns the boat, might have ten stockholders, each holding 10% of the stock, with a proviso that it is non-transferable except under certain terms, or that they are all non-voting stock holders and only Mr. Shadow can cast votes. Those kind of stock and voting complications are all normal in the corporate world. But for the ordinary boat owner to set up a corporation like that? And find a charter agent to actively manage the company? (Because if it doesn't turn a real profit, it will be deemed a hobby and a sham.)
The little fellow can have a great time keeping up the paperwork. Megayacht owners have hired help who deal with this all for them. And sometimes, even they get rude surprises in the mail.(G)

[Cadence]

Originally Posted by hellosailor

When you're talking megayacht, you're talking megabucks.
The yacht may well be owned by a charter company--which makes the IRS very happy--and the "real" owner merely has extra rights as to when they can pre-empt a commercial charter. Typically the IRS-blessed situation is that the boat is in an arms-length charter company under active management, and when the real owner wants to use it, they simply charter it like anyone else. The money they pay doesn't matter, since profits come back to them anyway.

The charter company that owns the boat, might have ten stockholders, each holding 10% of the stock, with a proviso that it is non-transferable except under certain terms, or that they are all non-voting stock holders and only Mr. Shadow can cast votes. Those kind of stock and voting complications are all normal in the corporate world. But for the ordinary boat owner to set up a corporation like that? And find a charter agent to actively manage the company? (Because if it doesn't turn a real profit, it will be deemed a hobby and a sham.)
The little fellow can have a great time keeping up the paperwork. Megayacht owners have hired help who deal with this all for them. And sometimes, even they get rude surprises in the mail.(G)

Well put