If you`re planning on going into business with someone else to buy or operate a boat in Florida, it`s important to have a boat partnership agreement in place. This document outlines the terms and conditions of the partnership, including each partner`s responsibilities, financial obligations, and dispute resolution procedures.

Here are some key elements to include in your boat partnership agreement:

1. Ownership percentage: Clearly define how ownership will be divided between the partners. This can be based on financial contributions, time spent using the boat, or a combination of both.

2. Financial contributions: Outline how expenses will be split between the partners, including the purchase price of the boat, maintenance costs, and insurance premiums. Be sure to specify how any additional expenses will be handled, such as repairs or upgrades.

3. Management responsibilities: Assign specific duties to each partner, such as scheduling maintenance and repairs, storing the boat, and arranging for transportation and storage.

4. Usage rights: Determine how the boat will be used and who will have priority access to it. This includes scheduling regular maintenance and repairs, as well as specifying any restrictions on usage, such as limits on the number of passengers or the time of day the boat can be used.

5. Dispute resolution: Establish a procedure for resolving disputes between partners if they arise, including mediation or arbitration.

Having a written partnership agreement in place can help prevent misunderstandings and legal issues down the road. It`s important to work with an experienced attorney to ensure your agreement is legally binding and includes all necessary terms and conditions.

In addition to the boat partnership agreement, it`s also important to ensure that the boat is registered with the state of Florida and that all necessary licenses and permits are obtained. Failure to comply with these regulations can result in fines and legal issues.

By taking the time to establish a clear partnership agreement and comply with all state regulations, you can enjoy the benefits of owning a boat with a partner without the legal and financial risks that come with doing so without proper planning.