USA LLC Members Agreement for Fractional Yacht Ownership

Set up a limited liability company (LLC) in the USA for the purpose of fractional (joint) ownership of a yacht with this LLC Members Agreement for Fractional Yacht Ownership.

• In addition to their initial capital contribution, LLC members must make quarterly payments to pay for overhead, including dockage fees, maintenance, insurance, and management fees.
• Each member has an equal say in the operations of the LLC.
• The other members have a right of first refusal if any member wants to sell their interest in the yacht, or upon the death of a member.
• A member's use of the yacht is based proportionally on his or her ownership interest.
• Members are responsible for damage, loss or injury during their use of the yacht.
• Members must either be qualified to skipper, or must hire a licensed skipper at the member's expense.
• The Agreement contains a section on operating requirements and vessel responsibilities, which must be complied with during each member's use of the yacht.

The USA LLC Members Agreement for Fractional Yacht Ownership is provided in MS Word format, and is fully editable to fit your specific circumstances.