Set up a limited liability company (LLC) in the USA with this Limited Liability Members Agreement for the purpose of fractional (joint) ownership of a yacht by the members of the LLC. The Agreement sets out each member's rights and responsibilities regarding the yacht, including the following:

• In addition to their initial capital contribution, 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, or upon the death of a member.


• A member's use of the yacht is based proportionally on the member's 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.


• Contains a section on operating requirements and vessel responsibilities, which must be complied with during each member's use of the yacht.

This USA yacht ownership LLC agreement is provided in MS Word format, and is fully editable to fit your specific circumstances.