Why you should incorporate your yacht
If you’re a regular reader of this blog, you have probably come to understand that there are numerous benefits of incorporating your business. It offers you and your partners certain legal protections and gives your company additional credibility amongst consumers and the government.
However, you may not realize that incorporation is not merely for large enterprises and major companies. Small businesses can also benefit from incorporation, as can private citizens. Yacht owners, for example, have a number of reasons to establish an independent legal entity. Incorporating a yacht ensures that any potential legal liabilities will fall onto the shoulders of the corporate entity, not the individual who owns the boat. That means that in the event of an accident that involves personal injuries or damage to property, the yacht owner’s personal assets — and the assets of family members — will be protected.
Unfortunately, many boat owners think that simple insurance is enough to shield them from liability. However, in most cases insurance coverage tends to have fine print that shows it’s not as comprehensive as purchasers think. There is too much risk involved in holding only insurance and expecting it to fully protect you and your assets. It’s better to support insurance policies by incorporating, thus adding another layer of protection.
If you own a yacht or a boat you should seriously consider incorporating. Enlisting the services of an experienced incorporation services provider is a good place to start. If you live outside of the state you may want to work with a registered agent service. A registered agent will receive all important documents regarding your yacht and promptly forward them to you.