I belong to a group of people (mostly from Buffalo NY) who formed a corporation 20+ years ago. The purpose of the corp. was to administer a sailboat in the Virgin Islands. We have had two boats, the last being Sunquest, a Benetau 40 3 cabin 2 head boat that was wrecked by Irma. there were 12 partners, the boat was in water 6 months of the year, so 2 weeks each partner. The dues were 435.00 per quarter, 1740.00 a year. You had to buy an equity share when you got in, mine cost 3K in 2008. My insurance payout was 6K, so the value appreciated while I owned, because we paid off a note that was used to purchase the boat. in the normal course of business when you wanted to get out, you sold your share for what you could get for it, they were going for 7K before the boat was wrecked. We decided as a group to allow those that wanted out to leave and take their insurance proceeds, (all who left were in their 70's and were thinking of selling anyway), in order to continue the group and buy a new boat.
Which brings me to the point. We need 4 partners or less (when the group was formed it was 6 partners who each had a month, of course all money figures double),to fill out the group in order to buy a new boat. We want to buy a 40 foot 3 cabin 2 head boat no older than 2010 vintage. Had a deal for a 2013 Bene 41.1 but fell trough when they could not deliver in time for this season. We anticipate the equity cost at around 10,000.00 to 12,000.00 each. And to keep dues at 1800.00 a year. We trade the boat at American Yacht Harbor in Red Hood STT, for provisioning and no ferry ride. . you are responsible to make sure the boat is shipshape for the next owner, cleaning and repair(we do try to fix stuff on our own to keep costs down, oil changes and so on) , most sail to the BVI, but some do not. The season starts in late November, ends in May. We rotate the schedule one month forward each year, so Jan 10-24 this year, Feb 10-24 next year, March 10-24 the following year and so on. Partners do swap slots, (my wife will not sail Christmas). When you get to be last partner you are responsible for haul out and launch, scheduling and some other tasks, but you are on boat twice that year. we are looking for experienced sailors, the insurance company is pretty discerning about who they insure. But if you sail the VI once a year, this is the most cost effective way to do it. If you are questions or are interested, PM or email email@example.com