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Corporation Definition

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BoatWiki - Definitions

Definition

A corporation in terms of boat ownership is a legal entity consisting of one or more share holders. It is empowered by the jurisdiction in which formed to act and do any such things as would a sole individual.

Meaning

A corporation offers many advantages for its shareholders including anonymity and and protection from personal liabilities. It is typically owned by a group of investors who elect directors and officers to oversee its operations and conduct business.

Context

This type of ownership is very popular among boaters, especially for larger pleasure yachts and commercial vessels. It is of no significance for state registration purposes, but may have an impact on USCG vessel documentation with regard to the citizenship of its shareholders and officers.

Conclusion

Boaters who are unfamiliar with the various aspects of corporate ownership should seek professional assistance in making such determination. Anyone dealing with a corporation should also identify and verify those individuals authorized to act on its behalf.

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Credits and References

8/23/2022 - Page initiated by Team BoatWiki.

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