GO BACK

Syndicate Details:

Welcome to the Beneteau First 31.7 syndicate offering a total of 4 individual shares.

As described by Beneteau –

“The First 31.7 combines pleasure on the helm, sensitivity in tuning, simplicity and safety of use with precision.

With the racing season over, you will set sail on board your First 31.7 for some coastal cruising - conviviality and unbelievable pleasure! Two private cabins and a separate head compartment make cruising comfortable for several people."


Fractionally owning a Beneteau First 31.7

Choosing the right structure for your syndicate is an important decision and will influence the way in which the syndicate operates in years to come.

There are two types of syndicate structure to choose from:

Option 1 – a partnership

A partnership allows each member to buy shares of an asset and then use that asset proportionate to their share value. This is very often the simplest route and is common if the share costs are relatively low. Examples of such assets might include motorcycles, cars, touring caravans, park homes and small boats. These assets can be bought off the shelf and there are no legal requirements imposed on buying such assets.

Option 2 – a company

The second option is to set up a company. The way in which a syndicate operates under a company will not differ much to that of a partnership. However, the main difference with a company is when you pay for your share, you are not buying a share in the asset but a share in the company which will own the asset.

Whether choosing a partnership or company scheme, it is important to recognise the importance of having an agreement right from the start. We feel that the ranges of agreements available to The Syndicate Store are thorough and concise. Example provisions include:

- Terms of beneficial interest - beneficial trusts provision
- Price and payment for the Boat
- How many people allowed into occupation at one time and who they may be
- Who and how will manage payment of expenses
- Management of the Boat
- Undertakings by the parties
- Alternative exit strategies
- Effect of termination
- What if someone wants to sell his share or sell the Boat
- Many “legal” provisions

Prior to putting your syndicate together, we can arrange an optional pre-formation meeting with you and your potential shareholders. At this meeting, you can firstly satisfy yourself that the other potential members are right for your syndicate; you can also discuss the asset you're intending to acquire and share - plus you can ask any questions concerning the agreement. We will also take your syndicate through the online managing facility which will allow you to administer the time allocation for your Beneteau First 31.7 together with an email and text messaging platform to simplify member communication.

If that initial meeting is successful and all matters are agreed, we'll draught your shared ownership agreement. We will then arrange for all members to sign the agreement, following which we'll make copies and distribute them to each member. We can also securely store your original agreement if you wish.

Having formed the syndicate a bank account is then created in the name of the company or names of a selection of partners. When finalised your syndicate can ‘pool’ the funds and now go ahead and purchase your new Beneteau. It is worth while mentioning that at this stage, we can also provide a very cost-effective Asset Purchase service, whereby a solicitor with specialist expertise (selected from our panel of solicitors) can carry out the purchase on behalf of your syndicate ensuring a hassle free transaction.

If you feel that this is the right syndicate for you then please proceed to register with us and add the syndicate to your watch list. Once added to your watch list simply register your interest and we’ll do the rest.

Remember, joining a Syndicate Store initiated syndicate carries no obligation to purchase until the agreement is completed. You can walk away at any time prior to this undertaking.

The Syndicate Store will actively market your syndicate until all members are found and if you have any questions whatsoever please do not hesitate to contact us on +0044 (0)1743 850 678 quoting the syndicate reference number.