“We had a great five years with our boat in the Caribbean, but I pulled the short straw and landed the task of doing all the operational things. I want a union ownership situation without having to do all the work” There are many ways to create a private boat action syndicate, but the legal department of the Royal Yachting Association (RYA) can be of great help. If you have one or two friends who are interested in your membership and one of you is a personal member of the RYA, you can create a private partnership with a simple blank contract available on the RYA website. Each agreement should cover all relevant details and contingencies, including: – names, contact information and signatures – The amount of each partner`s share – Details of the boat and its pier – The responsibilities of the union manager – Stock transfer methods – Stock transfer methods – Default procedures – Insurance details – Qualifications and skills of members – Distribution of navigation time – The procedure for changing an allowance – The procedure for changing an allowance Making a maintenance fund available – Accident Emergency Plan – Members` Voting Rights – Members` Voting Rights It is advisable to hold a members` meeting at least once a year at which sailing allowances for the coming season are normally decided. You must appoint a secretary to manage all maintenance, anchorage, fuel bills, etc. Also decide in advance who will perform what tasks on the boat and when. The optional agreement of 29 rights and obligations of the ship`s owners is a full agreement of 29 shares. It also includes a share register that defines how the property is shared. The agreement is written in such a way that there is no partnership between the owners as this is important to protect each owner from debt.
The agreement allows you to sell your shares, so you are free to market and sell your property on the ship. The duration of the contract may be tailored to your needs, but we recommend a period of 35 months beyond which the union is free to sell the ship, or the union may agree to an extension. I understand the principle of conciliation and I recognize that many contracts are unnecessarily verbal, but as a lawyer, I cannot commit myself enough to a well-written treaty that covers all the necessary bases. Unnecessary complexity can be eliminated by listening carefully to what is really needed in the agreement and by accepting the restrictions of the agreement by the owner. However, as with all contractual rights, they never completely mislead the evidence and can be manipulated when the personal relationship between the parties becomes bitter. The risk can be reduced, but never completely eliminated. As economic uncertainty continues to decline and the cost of living continues to rise, it is becoming increasingly difficult for some recreational sailors to provide the necessary funds to continue sailing. Considering that on average a boat in Australia is only removed 14 days a year, trying to justify these day-to-day expenses (especially for your other significant ones) can be quite a challenge. It is therefore not surprising that private boat union systems and commercial unions are becoming increasingly popular.
And while these certainly reduce annual expenses by spreading costs among several parties, common ownership can be a risky business. So it`s important, like any contractual relationship, that you know exactly what you`re signing up for from the beginning, while recognizing that it should be fun to own a boat. (Currently only available with boats in Greece, Croatia or Thailand) The owners pay significantly less for the yacht from the outset, but do not receive any income from the charter. The structure of the contract is very simple and offers significant purchase and tax benefits if the boat is returned to them at the end of the contract term.