A partnership meets citizenship requirements if all its general partners are citizens, and:
(a) For the purpose of obtaining a registry or recreational endorsement, at least 50 percent of the equity interest in the partnership is owned by citizens.
(b) For the purpose of obtaining a fishery endorsement, at least 75 percent of the equity interest in the partnership, at each tier of the partnership and in the aggregate, is owned by citizens.
(c) For the purpose of obtaining a coastwise or Great Lakes endorsement or both, at least 75 percent of the equity interest in the partnership is owned by citizens or the vessel qualifies under § 68.60 or § 68.105 of this chapter.
[CGD 94–008, 59 FR 49846, Sept. 30, 1994, as amended by USCG–1999–6095, 65 FR 76575, Dec. 7, 2000; USCG–2001–8825, 69 FR 5401, Feb. 4, 2004; USCG–2005–20258, 71 FR 61417, Oct. 18, 2006]