This summer several cruisers discussed the posibility of a small group of LCYC cruisers jointly buying a boat for the purpose of off lake cruising. We had discussed forming an LLC where each member would have a fractional membership in a boat suitable for long range cruising. For example if there were six individuals or couples interested, and we bought a $70,000 boat, each member unit would put up $11,666 as their share. Expenses like insurance, haul outs, engine repairs, new equipment, etc would be split six ways. Each member unit would be responsible for their own fuel, transit dockage, and other expenses directly related to their use.

The members would decide on geographic areas for the upcoming year. The year would be divided into three types of weeks, like they do with condos (red, blue and white weeks). The red weeks would be the most desireable. For example, if the owners decided to have the boat in Bahamas for the winter of 2007 and then bring it up to the Chesapeake in the spring, there might be 18 red weeks divided among six owners so each would receive three Bahama weeks. Assuming four weeks for maintence, this would leave 30 weeks to divide. So each member receives five additional weeks. Members could trade or bank weeks, just like ski condos.

Another year the group could vote to do the Great Circle Route, Maine Coast, Florida, etc.
There would be lots of details to work out to make it work, but it has been done elsewhere successfully. Some members may wish to do it only for a few years, then sell their share. Others may find it works so well for them that they use all their weeks.
Let's get some feedback and see if there is any interest to pursue the idea.

Bob Platt