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Transfer title to LLC and refinance the boat....?

Discussion in 'General Yachting Discussion' started by Norseman, Jul 20, 2016.

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  1. Norseman, Sep 8, 2016
    #81
    Norseman

    Norseman Senior Member

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    I know, Commercial life jackets, Type 1.
    Got 'em, 8 for good measure.

    What else did I forget?
  2. Norseman, Sep 8, 2016
    #82
    Norseman

    Norseman Senior Member

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    Got the 1/2 mile horn, got the back-up VHF, got the CG Rules of the Road book onboard.

    What else....?

    Free boat ride and margaritas tomorrow to anybody finding a missing UPV
    Item or detail in the above.

    (Got whistle, got paper charts.)
  3. Norseman, Sep 8, 2016
    #83
    Norseman

    Norseman Senior Member

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    Bilge alarms, also required for UPVs, got those....
    What else?
  4. AMG, Sep 8, 2016
    #84
    AMG

    AMG YF Moderator

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    Perhaps you need red flares and NC flags..?
  5. Norseman, Sep 8, 2016
    #85
    Norseman

    Norseman Senior Member

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    Yeah, flares and stuff is required but listed what the additional requirements are for a charter boat rather than a recreational: The flares are the same, 3 day, 3 night.

    NC Flags?
    Not sure any additional flags are required.
  6. Norseman, Sep 8, 2016
    #86
    Norseman

    Norseman Senior Member

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  7. AMG, Sep 8, 2016
    #87
    AMG

    AMG YF Moderator

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    I don't know either, but in France you need these flags for distress...
  8. Norseman, Sep 8, 2016
    #88
    Norseman

    Norseman Senior Member

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    Aha, good point.
    I had a rolled up distress flag on the sailboat.
    Not sure if it was required or not.
    I better go back and read them rules one more time before I book the Coast Guard Inspection.
    Hate to be caught with my pants down :(
  9. Norseman, Sep 27, 2016
    #89
    Norseman

    Norseman Senior Member

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    Coast Guard Inspection went OK today.
    They sent out 4 officers to make sure everything was in compliance:
    My dog approved of the process.

    Attached Files:

    Last edited: Sep 27, 2016
  10. olderboater, Sep 27, 2016
    #90
    olderboater

    olderboater Senior Member

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    How much money have you made on this endeavor so far? lol. Not going to ask how much you've spent or how much time.
  11. Norseman, Sep 27, 2016
    #91
    Norseman

    Norseman Senior Member

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    IMG_0019.JPG
    And it was: Got the sticker after my Un Inspected Passenger Vessel was Inspected:
    Last edited by a moderator: Sep 27, 2016
  12. Norseman, Sep 27, 2016
    #92
    Norseman

    Norseman Senior Member

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    Don't ask, don't tell...
    This keeps me out of the bars and serves a purpose, tax- wise and otherwise.
    My cost for getting the boat and myself in compliance probably $1,500.00
    Then you add the boat...
    So far I have $200 income on a 2 hr Champagne cruise and got a charter coming this weekend thanks to one of our senior members on this board.
    Baby steps remember, baby steps...
    I don't expect to be rich and famous doing this, but it will probably pay the Boat Bills and keep me honest.
    What more can you ask for...?
  13. Norseman, Sep 27, 2016
    #93
    Norseman

    Norseman Senior Member

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    Still working on my web page.
    Not up and/or running yet, but this shell can be used for messages and bookings:

    www.odincharters.com
  14. olderboater, Sep 27, 2016
    #94
    olderboater

    olderboater Senior Member

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    And it relieves boredom. :)

    Oh, and you have $200 revenue, not income.

    And nothing wrong with a hobby like this. Our business really started as a hobby.
  15. Captain Zemo, Sep 27, 2016
    #95
    Captain Zemo

    Captain Zemo Senior Member

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    Happy customers = More customers.
  16. Norseman, Sep 27, 2016
    #96
    Norseman

    Norseman Senior Member

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    Yo OB.
    Why the snarky comments?
    You are not poking fun at us working stiffs are you?
    If I had 5 toy boats like you, and Captains and crews to maintain and clean them with money to to spare, perhaps I would not have done it.
    Feels good though to have passed the Inspection today, with just me, some elbow grease and a bunch of paper work. (Did not pay anybody, I did all the work)
    I enjoy doing New River and ICW Cruises and I could see a part time future doing it with paying pax onboard.
    I would not get rich, but it would offset expenses paying down my boat.
  17. olderboater, Sep 27, 2016
    #97
    olderboater

    olderboater Senior Member

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    Poking fun at you. This was all very confusing until I realized that it was for fun and a hobby type undertaking. You might make a little money over time and offset some expenses, but this entire idea got you excited. I'm sure the first trip was a blast. I think this is a way of having fun enjoying your boat, having others along, and entertaining them. Now, Income vs. Revenue is a bit of a pet peeve as the word income so commonly misused. I admit to that being something that is a personal thing. But I see you really enjoying putting all this together and ready to enjoy doing it.

    I'm not poking when I say the only reason we own a business is that I needed it as a hobby. I'd spent my life in business and couldn't give it up 100% but profits were not the motivation, even if they result. So, I fully understand your pursuit of this. Admittedly at first, I didn't. I hope it turns out as enjoyable as I think it will for you. I think you'll really enjoy taking people around and helping them enjoy themselves. Then if you make a little money on it, that's great too.
  18. Norseman, Sep 27, 2016
    #98
    Norseman

    Norseman Senior Member

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    Aye, my bad. Not an accountant.
    Not even English as the first language.
    Income in my book, is money coming in.
    (My CPA deals with the details:))
  19. olderboater, Sep 27, 2016
    #99
    olderboater

    olderboater Senior Member

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    Lol. Income and outgo would be simple but then accountants had to create words like revenue and expense and assets and liability and equity. Now, your English is far too good and well refined for not your first language to even enter in.

    One part of your undertaking that does really excite me is that many of those you take may be people who otherwise wouldn't be on the water. Plenty of boats to rent and plenty of large boats to charter. Plenty of large tour boats. But a $200 champagne cruise with just the two of you and a captain is unique. There are a lot of people with no desire to be boaters but would love just getting out on the water occasionally.
  20. Norseman, Sep 27, 2016
    #100
    Norseman

    Norseman Senior Member

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    Yup, guess I am a kind of a social guy.
    Have taken friends and friends of friends and neighbors and family out on previous boats hundreds of times before.
    Usually with me paying the expenses, but still fun.
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