To be honest, the partnership still has worked out (somewhat) financially. By only paying ½ of the covered slip fees, insurance, taxes and repairs, I saved almost $1,500/year, so after six years my savings have been $9,000 as opposed to if I had owned the entire boat by myself. I got into the partnership with $11K, so really I’m not out as much as it seems. Having a partner has made it much more justifiable to having a slip only 8 minutes from my house, which means it’s much easier to just decide to go, as such I’ve been able to use the boat much more often as opposed to friends who, because they have to trailer the boat, only go out a few times a year. It’s also been a lot of fun. We probably would not have even gotten into boating if our partner didn’t ask us. Well, at least this is what I’m telling myself!
Talked to my partner at lunch, and we’re going to try to sell the boat before he files. We both have solid proof regarding the partnership, proof of sales, proof of money transferred, proof of shared expenses, plus a valid contract. It appears as long as we do everything regarding documentation and asking for fair prices, everything should be fine, but I still need to speak to an attorney.
Well, hopefully will work out. Thanks for everyone’s input.
Anyone interested in buying a boat over the labor day weekend; I know someone who’s very negotiable!!!