Who's done a boat share with another family? Looking for the good / bad and what to think about to make sure it works well.

[kaelc]

Forget it, it’s like discussing anything related to politicians on Twitter with a pro or anti - . I know people who have a boat in a corporation and multiple parties have shares but obviously they are not as smart as the
current expert on boat sharing, and now business and corporations. Must just be a couple of idiots, good thing I know where to find an expert.

 

[wildmanyeah]

I have a friend that owns a small business that’s named and registered and his small business is owned by a number corporation to protect his personal finances. Him and his children get payed out though some method that gets taxes less.

he told us that his accountant thinks it’s now illegal to have it set up like this but his accountant also told him they are not cracking down on it either.

it was legal when he set it up over 30 years ago with a partner who he bought out years ago.

 

[michaelb]

The 2 issues I see are the buyout of someone no longer wants to be in the share

This ended up being more of a problem than I had expected, both in terms of the math, and the emotions. We had agreed in our contract that if one person wanted out, we could agree on a buyout price based on current market value, or one of us could list it and give the other partner the chance to match the best offer. Predictably, buddy wanted me to buy him out for the same amount he put into it, his justification being that he had spent lots of money on it already and I had gotten much more use out of it (and whose fault is that?). By this point, the boat had lost value because of our conflicts over splitting maintenance costs, so I was happy to have him put it on the market as I knew I’d be saving plenty of money if I was going to match the best offer we got. He was upset that I was sticking to the language of our contract and not giving him a friend deal. I was upset that he was trying to get out of the contract we had agreed to. In the end he agreed to 50% of his purchase price and I still ended up losing money overall.

I understand where he was coming from, but we had entered an agreement and I was sticking to it. This isn’t a sob story about my experience, it’s just to say that even with lots of prep, planning, initial excitement, things can still get rocky over time when peoples priorities change and money and then emotion start to get into the mix.

 

[Thunder21]

I share a work boat . It works out well for us but whenever the other person is using it, we usually split profits. We’ve had a couple issues but nothing major and that’s probably because we both have other boats and we make money from it so issues come out of the profits and doesn’t necessarily feel out of pocket. The problem with sharing is that if you are sharing a boat it’s usually due to money and if you or your partner are counting every cent, you’ll be ****** partners . Sometimes you do all the work and sometimes he will and sometimes you pay more and sometimes he will. He may have 3 beers and run in at WOT and grenade the thing and you have to be willing to pay half. It’s not a great way to go and I would recommend buying your own.

 

[Foxsea]

Forget it, it’s like discussing anything related to politicians on Twitter with a pro or anti - . I know people who have a boat in a corporation and multiple parties have shares but obviously they are not as smart as the
current expert on boat sharing, and now business and corporations. Must just be a couple of idiots, good thing I know where to find an expert.

Yeah, so you're a guy that knows a guy...
"I know people..."
So effin' lame, dude. Did you actually say that?

 

[Brett83]

I partner 50-50 with my dad. He's a boomer with enough money and lots of time. I'm a small business owner with some money but no time for anything but work or fishing. He's a mechanic and I'm a carpenter. So he takes care of more maintenance. I feel I keep our fish gear in check and overall pay a bit more to make up for the lack of hours. It's a perfect scenario, and we still argue about stuff. Example he wants trim tabs and I think they're pointless on a 21 foot boat. I want a BBQ, he thinks they're messy. In my opinion it can work if both guys are cheapskates or both are generous.

 

[Corey_lax]

I partner 50-50 with my dad. He's a boomer with enough money and lots of time. I'm a small business owner with some money but no time for anything but work or fishing. He's a mechanic and I'm a carpenter. So he takes care of more maintenance. I feel I keep our fish gear in check and overall pay a bit more to make up for the lack of hours. It's a perfect scenario, and we still argue about stuff. Example he wants trim tabs and I think they're pointless on a 21 foot boat. I want a BBQ, he thinks they're messy. In my opinion it can work if both guys are cheapskates or both are generous.

I vote yes to trim tabs and bbq. Trim tabs are definitely not pointless on a 21' boat. And a bbq can easily mount and dismount from a Scotty rod holder. Buy it yourself and keep it for camping/picnics as needed as they are a great size for that as well.

 

[CIVANO]

BBQ on boat and in the parking lot

 

[bryce]

I partner 50-50 with my dad. He's a boomer with enough money and lots of time. I'm a small business owner with some money but no time for anything but work or fishing. He's a mechanic and I'm a carpenter. So he takes care of more maintenance. I feel I keep our fish gear in check and overall pay a bit more to make up for the lack of hours. It's a perfect scenario, and we still argue about stuff. Example he wants trim tabs and I think they're pointless on a 21 foot boat. I want a BBQ, he thinks they're messy. In my opinion it can work if both guys are cheapskates or both are generous.

I think your both right
Hot lunch is the second best next to trim tabs on almost any boat I remember fishing in my dads 18’ campion and juggling people around to get the boat straight was super annoying!

 

[Bill 310]

I am always intrigued by people who are embroiled in these schemes, accountants who supposedly and grandly explain that something that is now illegal, but remains ok if you started doing this illegal thing years ago (when it was still legal), and other such bits of sage advice.

Good advice costs money and lots of people put off doing the simplest basic things in planning i.e. Updating their wills every 5-10 years, preparing and updating a Power of Attorney, having a Representation Agreement, making certain their RRSP, Pension and Life Insurance beneficiaries are up to date, naming trustees for their minor children. Good lawyers and accountants are not a low cost item. ( I am neither btw)

Most people in BC who have had a home for a while, have acquired some stuff, and have some retirement savings are close to, if not already, paper millionaires.

If something happens that results in a person needing any of the paperwork outlined in Paragraph Two (above) in place and you haven't got those things all lined up , it can be messy and expensive with many unexpected consequences.

There are a lot of myths about company owned this and that and how it is brilliant tax planning. Company owned vehicles are a classic situation.

 

[kaelc]

Yeah, so you're a guy that knows a guy...
"I know people..."
So effin' lame, dude. Did you actually say that?

I'm just here to learn from the best

Back to his thread. My ex boat partner did have a bbq and $1000 plus worth of prawn traps too nice to have access to more gear and not have to store own it.

 

[Foxsea]

I'm just here to learn from the best

Back to his thread. My ex boat partner did have a bbq and $1000 plus worth of prawn traps too nice to have access to more gear and not have to store own it.

Okay, more learnin' for you, kaelc:

You can borrow my bicycle or lawnmower, a rake or a shovel. Never my rods, traps or my bar-b-cue. Are you my brother-in-law? Go buy your own.

There are some things like my guns, dogs or scuba gear, where you don't even wanna ask.

 

[kaelc]

Wow. Guy is asking for experience shares. I have shared a boat and one benefit is my buddy had 5 acres and lots of gear. I also have lots of great gear and we had no problem, sharing our islanders and my two speed halibut rod setups. Too each there own.

I did all the research and most of the work in finding, buying and maintaining the boat. The first two things other members have recently had trouble doing. Moving on.

 

[Beartooth]

Never will I ever do it again. One rule we had was to leave the gas tank full when you were done with it. It was never full when I went to use it.

 

[vike47]

I vote yes to trim tabs and bbq. Trim tabs are definitely not pointless on a 21' boat. And a bbq can easily mount and dismount from a Scotty rod holder. Buy it yourself and keep it for camping/picnics as needed as they are a great size for that as well.

You should run for political office!