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.
Last Updated: 15-September-2021