Q: How long is the period of ownership?
A: There is no cut off date by which the boat must be sold. The members continue to own their share of the boat as long as they are having fun. When a majority of the shareholders vote to sell their share, the boat will be sold.
Q: What are my options when I want to sell my share?
Shares for sale must be offered to partners first and then may be sold at the owners descetion with partnership approval.
Q: Can we charter the boat?
A: No. When the boat leaves the dock one of the owners MUST always be aboard. The objective is to have OWNERS sailing the boat, not charterers. Members who have an ownership interest will be much more likely to take good care of the boat than charterers who will probably never step aboard again.
Q: Are there other factors that help this program work?
A: Members will have a similar goal: cruising the under sail with friends and family. This boat is designed as a family cruiser.
Q: Why will the boat be owned by a corporation with limited liability?
A: The purpose of the corporation is to provide a limit incurred by the members. If a member were involved in a serious accident involving major damages the insurance policy would pay up to $500,000.00 in claims. At that point the assets of the company would be expended and the company would be bankrupt. It is reassuring to know that there is a limit to the liability one is facing and that is the amount the insurance policy would pay out.
Q: What is the process to become a partner?
A: The process involves filling out an application and a sailing RESUME and sending/emailing them to the manager for approval. Once approved, then a bill of sale with the amount of purchase included and signed by the selling and purchasing owner's is then to be sent to the manager for future reference and sales. Then it is welcome aboard and off sailing.