LLC Members Agreement for Fractional Yacht Ownership | USA

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

• The Agreement is governed by United States laws.
• In addition to an initial capital contribution, each member of the LLC 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.
• If any member wants to sell their interest in the yacht, or if a member dies, the other members have a right of first refusal to acquire their interest.
• Each member's use of the yacht is based proportionally on his or her ownership interest.
• Each member is responsible for any damage, loss or injury to the yacht while they are using it.
• Only qualified skippers are allowed to captain the vessel. If a member is not qualified, he or she must hire a licensed skipper, at his/her own expense.
• A member must comply with all conditions governing operating requirements and vessel responsibilities during their use of the yacht.
• This is a fully customizable legal form template.