This mental exercise is for a paper club, correct? You're not planning on owning any facilities (clubhouse, marina, etc)?

I agree with Jake; the formal requirements are pretty easy.

Perhaps a good step would be to establish a relationship with trusted advisers: CPA or Tax attorney, Insurance twerp, and a really sharp networking person (to attract members, make sh*t happen, etc).

Can you set one up as a 501(c)(3)? So my dues/fees would be tax deductible?

What are the objectives of the club? Is this club going to do anything that existing club(s) aren't?

And if you can answer the "what's in it for me?" question that plagues the world today, you're golden