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 that was created, 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. This is, in most cases, not true, because 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 protect you and your assets fully. 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 by enlisting the services of an experienced incorporation services provider. If you live outside of the state you may also want to work with a registered agent service to ensure that all important documents regarding your yacht are forwarded to you and can be responded to quickly.