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Orion, your theory holds some merit if the boat partnership involves commercial/ business use, because yes , under common law, liability of a business partnership can be joint and several. However, LLC or not, anybody and everybody, even a ham sandwich can be sued, regardless of any actual facts or circumstances. An LLC would likely be much less useful if recreation/pleasure use. If you screw up and kill somebody, you are personally liable anyway, no LLC will save you; its your personal behavior, not the LLC"s. Unless a co-owner can be proven to have contributed to the accident in some meaningful way, (which would be pretty hard if he was at home mowing the yard at the time of the incident) he/she is not likely to be personally liable for co-ownwership of a personal asset. If that weren't the case, under your theory, no one would ever want to marry a boat owner.

The best advice is, if you have marginal net worth and thus are "judgement proof", maintain a reasonable insurance policy and don't worry about someone suing you for money/assets that you simply don't have.

If you have substantial net worth, thenmaintain a healthy level of insurance, including an umbrella liability policy for however many million dollars lets you sleep at night, regardless of whether you own a boat or not. The more insurance you have, the better the lawyers will be that defend you at the insurance company's expense.

There"s a very sage saying by a very good attorney that once said, "in this country you are entitled to as much justice as you can afford" .......

Notwithstanding "anything" I or anyone else has said about this there can be exceptions to just about "anything".

Peace out
 

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Discussion Starter #23
Thanks for all the great advise. As of now undecided but leaning more towards going it on my own. I need to get down there and start looking.

Thanks Walkette
 

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Discussion Starter #24
Splittine (3/16/2010)
AaronBarnes (3/16/2010)i think you will be better off renting a boat...
+1 I dont think you have an idea of what a boat cost to store, run and maintain. It would be way cheaper and less headache to rent the 5 or 6 days your down.
I have had aSabre 42 for the past4 years and previous to that a Sabre 29 for 10 years. Alsoam apilot and fly a Beechcraft A36.

Iknow the joys ofhow to get rid of money fast!
 

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<P class=MsoNormal style="MARGIN: 0in 0in 0pt">With the way law suits go today; people suing for the stupidest thing s and winning. <P class=MsoNormal style="MARGIN: 0in 0in 0pt">RISKY BUSINESS!!!!:nonono
 
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