OK, I sent out a plea amongst our fleet members and potential members to keep a used boat that recently became available for sale within our newly formed sailing fleet.

A potential friend came up with the idea of purchasing the boat and donating it back to our fleet, as he is overseas for work about half of the sailing season, and graciously offers it for use by others while he's not here. He's asked me if we can get this done before 12/31/06, obviously for tax purposes.

This is something that seems intriguing but now I have questions.

1) What are the liabilty issues?

2) We are not currently incorporated (non-profit or otherwise) is it possible to get done quickly?

I have the time to find old 14's and 16's and get them in usable order again (as I did with this particular boat) and had thought about putting any profits directly back in to purchasing more boats or fleet equipment, is doing this non-profit worth the hassle? To me personally it would not amount to any significant tax advantage.

Any horror or otherwise stories regarding "club" boats? Any attornies with comments?

Thanks,