Thread: Partnerships?
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Old 04-03-2012, 07:56 PM   #13
Edelweiss
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City: PNW
Vessel Model: 1976 Californian Tricabin LRC
Join Date: May 2011
Posts: 1,860
I wouldn't want to be in a partnership with friends, I have seen that go very badly a couple of times. But I purchased my boat in a three way partnership with my father and sister. Family disagreements are usually minor and everybody gets over it and moves on.

We had an agreement and we each put down a downpayment as a one third share and then split all the costs and monthly payments. The agreement was in writing and included the understanding that if someone wanted out, the remaining partners would assume the loan and ownership, no buy out. If all three wanted out, the boat would be sold outright. It worked good for about 10 years, then my sister and her husband wanted out. My Dad and I assumed ownership of the boat. When my father passed away, I assumed ownership from him as he had put that in his Will.

Larry B
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