Reply
 
Thread Tools Search this Thread
 
Old 16 October 2010, 05:48   #11
Member
 
Country: UK - England
Town: Southampton
Boat name: Tornado
Make: Ribcraft
Length: 7m +
Engine: 250hp Suzuki
Join Date: Feb 2010
Posts: 133
I did it with my two best mates and it worked out GREAT. However I can see how there might be problems especially if it someone you dont know at all or even havent known thm for a long time ! If you can find someone to share then it does make for much cheaper boating !
__________________

__________________
sarahscottiedog is offline   Reply With Quote
Old 16 October 2010, 06:07   #12
RIBnet supporter
 
Jizm's Avatar
 
Country: UK - England
Town: Southampton
Boat name: Hissing Sid
Make: Ross Smith Cobra
Length: 6m +
Engine: 200HP Optimax
MMSI: 235038046
Join Date: Jun 2002
Posts: 3,803
Quote:
Originally Posted by sarahscottiedog View Post
I did it with my two best mates and it worked out GREAT. However I can see how there might be problems especially if it someone you dont know at all or even havent known thm for a long time ! If you can find someone to share then it does make for much cheaper boating !
Which is why it may actually be easier when it's managed by a third party such as RIB shack.
__________________

Jizm is offline   Reply With Quote
Old 17 October 2010, 18:08   #13
Member
 
Country: UK - Wales
Town: Cardiff
Boat name: zapcat 74
Make: gemini
Length: 4m +
Engine: tohatsu 50
Join Date: Aug 2010
Posts: 16
After all the negatives, I add a positive.

A friend and I have owned pwc's and 3 boats together in the past. We now share a thundercat.
Works great for us, as I find when I go out boating, I would usually ask a mate to come along, so he comes, and the same the other way. So there's none of this "It's my turn" nonsense.

Agree in advance the rules ie wanting out, accident damage etc then should all be fine really.
If there's possibility of someone saying "i do more work maintaining"etc agree to get all servicing done at a dealer and split the cost. Or do the work together.
__________________
deeyup is offline   Reply With Quote
Old 17 October 2010, 18:08   #14
RIBnet admin team
 
Nos4r2's Avatar
 
Country: UK - England
Town: The wilds of Wiltshire
Boat name: WhiteNoise/Dominator
Make: Ballistic 7.8/SR5.4
Length: 7m +
Engine: Opti 225/Yam 85
MMSI: 235090687/235055163
Join Date: Jul 2005
Posts: 12,645
RIBase
I tried it many years ago. It was such a bad experience that I wouldn't attempt it again. The boat itself (a nearly new Shakespeare speedboat hull) never even made it to the water.
__________________
Need spares,consoles,consumables,hire,training or even a new boat?

Please click HERE and HERE and support our Trade Members.

Join up as a Trade member or Supporter HERE
Nos4r2 is offline   Reply With Quote
Old 18 October 2010, 06:13   #15
Member
 
Country: UK - England
Town: Lytham
Boat name: Flushing Meadows
Make: Brig
Length: 6m +
Engine: Yamaha 150
Join Date: Aug 2010
Posts: 19
Good option if you are flexible

We have a jetski syndicate with 9 members that works brilliantly. We have a good sinking fund that will be able to replace it every four years. I love the members that pay their monthly dues and never use it from year to year! They like being able to say that they own (part of) a jey ski.

This year we bought a syndicated RIB, which still works well. The boat is always polished after use no arguements yet. You have to be realistic and flexible. If you want to use your boat at any time, anywhere, then you are best to rent or buy on your own.

The best part of being in a syndicate, apart from it being cheaper, is that you always have someone to go boating with. And if it breaks down it is less of a worry since you have less of a financial commitment and more help to get it fixed.
__________________
lauchiemb is offline   Reply With Quote
Old 18 October 2010, 06:46   #16
Member
 
SteveHall's Avatar
 
Country: UK - England
Town: Lancs
Boat name: Beretta
Make: Ballistic
Length: 6m +
Engine: 175hp e-tec
MMSI: 235035778
Join Date: Apr 2004
Posts: 1,719
RIBase
I am just about to venture into this situation, with a 50% share. I am buying in with a friend who currently has a 50% share, and the other share holder wants to sell his share for other reasons.

For them in the past it has worked well, a few ground rules have been set and everything for them has worked well for 6 years, so i hope it will for me.
__________________
SteveHall is offline   Reply With Quote
Old 05 March 2013, 05:07   #17
Member
 
Join Date: Mar 2013
Posts: 19
So it sounds like people who put the effort into laying out the ground rules have had a good experience. The cost advantage of sharing a boat is just too great for me to ignore. All the benefits but half the costs is how I see it so trying to overcome the hurdles!! It's either do it this way or not at all for me.

Does anyone have any advice on the set up of a shared rib? The method used in aviation (light aircraft) is to pass the asset into a limited company and then each member owns shares of the company. This makes it all very clear and easy for insurance etc. everyone knows where they stand. I'm just wondering if passing ownership into a Ltd if that will automatically mean I have to get the boat coded? No one is going to use the boat for reward and it will only be owners that use it. If anyone has any thoughts I'd be most grateful! Even if you can just point me in the right direction I'd be really happy!

Thanks in advance!
__________________
bigjarv is offline   Reply With Quote
Old 05 March 2013, 05:38   #18
Trade member
 
Dry Run's Avatar
 
Country: UK - England
Town: portsmouth
Boat name: Hullabaloo
Make: Humber
Length: 8m +
Engine: 225 Optimax
Join Date: Mar 2011
Posts: 653
RIBase
Loads of shared boat ownership going on at KB Dry Stack. I have never seen any real problems amongst our "sharing" clients. Some have formal contracts (I could probably get the OP a copy if they want), others have more informal arrangements.

Good luck anyway!
__________________
You get what you settle for!
Dry Run is offline   Reply With Quote
Old 05 March 2013, 05:49   #19
Administrator
 
John Kennett's Avatar
 
Country: UK - England
Town: Brighton
Length: 3m +
Join Date: May 2000
Posts: 6,830
I don't see why it would need to be coded in those circumstances. I'm not sure that there would be any real benefits of the limited company though, especially given the cost of doing annual accounts.

I own a share in a boat on the Thames and it works very well. There are eight owners and we manage the syndicate ourselves without needing to jump through any of the hoops that a limited company requires.

Syndicate members do some bits and pieces of work on the boat, and inevitably some more than others but that's generally because they want to do it. We use a local marine engineer for most of the maintenance other than daily checks. Personally I would want to keep clear of a syndicate based on DIY by members, preferring to contract the work out as required. The great thing about shared ownership is that the generally horrific costs of boating are split several ways so even major work isn't too painful.

I'm interested in finding something similar up for a big RIB as well. I absolutely can't justify owning one outright knowing how much use we're likely to get out of it due to other family commitments, but a share could be a good compromise.
__________________
John Kennett is offline   Reply With Quote
Old 05 March 2013, 07:45   #20
RIBnet admin team
 
Poly's Avatar
 
Country: UK - Scotland
Boat name: imposter
Make: FunYak
Length: 3m +
Engine: 2 stroke YAM 20 HP
MMSI: 235089819
Join Date: Sep 2005
Posts: 10,114
Quote:
Originally Posted by bigjarv View Post
Does anyone have any advice on the set up of a shared rib? The method used in aviation (light aircraft) is to pass the asset into a limited company and then each member owns shares of the company. This makes it all very clear and easy for insurance etc. everyone knows where they stand. I'm just wondering if passing ownership into a Ltd if that will automatically mean I have to get the boat coded? No one is going to use the boat for reward and it will only be owners that use it. If anyone has any thoughts I'd be most grateful! Even if you can just point me in the right direction I'd be really happy!
MGN280 contains the answer to your question on Coding. I'm fairly sure it defines that situation as NOT needing coded. When I have some time later I'll highlight you the relevant words.

Quote:
Originally Posted by John Kennett View Post
I don't see why it would need to be coded in those circumstances. I'm not sure that there would be any real benefits of the limited company though, especially given the cost of doing annual accounts.
I can see some advantages in clarity though. Ltd co accounts needn't be expensive - as its not going to have any real turnover or profit so no need for audits etc; you can even do them yourself - someone is still going to have to keep the books for a loose association of 'friends'. Personally I can see that a Ltd co, (or LLP) provides a structure which makes it easy for people to buy in / out etc.

Quote:
I'm interested in finding something similar up for a big RIB as well. I absolutely can't justify owning one outright knowing how much use we're likely to get out of it due to other family commitments, but a share could be a good compromise.
I've previously posted similarly - I assume any sensible owner wants to keep it on the West Coast of Scotland - afterall if you will only use it infrequently it might as well be somewhere spectacular!
__________________
Poly is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -5. The time now is 02:33.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.