ArchHoagland
Clovis, CA, USA
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Joined: 11/28/2004
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My biggest fear would be an accident.
Assume your friends were driving and killed a family of six and it was your friends' fault.
You would be sued so fast your head would spin.
That is the major reason I wouldn't do it.
It's risky enough with just you driving it.
2004 Monaco
La Palma 36DBD
Two Slides
2 Potties
Workhorse 22 chassis
8.1 gas engine & Allison 1000 transmission
7.1 MPG based on fuel used over 32,000 miles
TOADS
2000 LEXUS RX300 FWD 22MPG 4020 LBS
US Gear Brakes
1991 Mazda Miata 5 speed 33MPG 2,310 LBS
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tvfrfireman
Portland, Or
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Joined: 08/21/2006
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I can think of many items that would probably not be considered. For example: New tires and oil changes. Lets say you took only short trips but the other party did some cross country trips. Would wear and tear and depriciation be in the contract? Best of luck to you.
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Deen
Vancouver, WA
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Joined: 12/07/2000
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This might be a good time to look into an LLC. With an LLC paying the correct and legal taxes it just might work and be legal in your state.
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PackerBacker
Home is Montreal Qc & Seasonal is NY Adirondacks
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Another thought that crossed my mind as I'm reading the responses is what's in it. We stock our's at the beginning of each season with non-perishable items, some frozen foods, personal effects (tooth brushes/paste, soaps, shampoos etc...) clothes and a bunch of other stuff. There's no way I would want to remove everything after each trip or share in someone else's stuff.
Just my opinion .... Eric
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Cloud Dancer
San Antonio and Livingston TX USA
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Joined: 06/08/2001
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One marriage at a time,.......is a rule that works for me.
Willie & Betty Sue
Miko & Sparky
2003 41 ft Dutch Star Diesel Pusher/Spartan
Floorplan 4010
Blazer toad & Ranger bassboat
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rgatijnet1
Florida
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Joined: 06/22/2009
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Tried it ONCE with a boat......never again. Just imagine the conflict IF you both want to use it at the same time. It will happen and feelings will be hurt.
The other owner being an attorney IS NOT a good thing, IMO.
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s & s
Michigan
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Joined: 02/08/2004
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I would hard and long about that kind endeavor. It might all look good on paper or even talking face to face but the first time something goes wrong or not as planned????? I guess it boils down to how important is your friendship.
Steve & Sally (S & S)
Houston & HiTee (Our Little Poms)
Heidi (Forever In Our Hearts and Never Forgotten)
04 NEWMAR MACA 3778 W22
05 PT Cruiser Convertible 5 speed
"Never try to outsmart your common sense"
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stevelv
Living on the island
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Joined: 05/24/2006
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Deen wrote:This might be a good time to look into an LLC. With an LLC paying the correct and legal taxes it just might work and be legal in your state.
That's the first sensible answer in this thread.
Fractional ownership works for many luxury items but it has to be structured and managed correctly - typically with an attorney or professional management company involved that oversees the rules and regulations and ensures that both parties pay their share of expenses.
Is it worth it for you? Maybe not. Why not rent the unit out? Again there are structured ways to do that correctly and legally but again you will need sound, legal advice and the correct waivers etc.
There is no simple answer or simple way to do this I'm afraid - our society and culture has put an end to 'helping someone out' easily.
RV Park Finder
Ex Fulltimers
Repairing/Restoring 1984 Monaco Regent 36' Gas to restart RVing
DH,DW,Jake and Indie
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dave17352
LINCOLN, NE
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Joined: 09/20/2004
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stevelv wrote:Deen wrote:This might be a good time to look into an LLC. With an LLC paying the correct and legal taxes it just might work and be legal in your state.
That's the first sensible answer in this thread.
Fractional ownership works for many luxury items but it has to be structured and managed correctly - typically with an attorney or professional management company involved that oversees the rules and regulations and ensures that both parties pay their share of expenses.
Is it worth it for you? Maybe not. Why not rent the unit out? Again there are structured ways to do that correctly and legally but again you will need sound, legal advice and the correct waivers etc.
There is no simple answer or simple way to do this I'm afraid - our society and culture has put an end to 'helping someone out' easily.
Stevlv Who made you the answer sheriff? The OP asked many questions and many questions were addressed in many answers.
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PackerBacker
Home is Montreal Qc & Seasonal is NY Adirondacks
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stevelv wrote:Deen wrote:This might be a good time to look into an LLC. With an LLC paying the correct and legal taxes it just might work and be legal in your state.
That's the first sensible answer in this thread.
You're kidding right !!
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