| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 5208.1 | | PCBUOA::BAYJ | Jim, Portables | Wed Mar 19 1997 16:32 | 18 |
| I think the most important item is making sure that signed and
notarized paperwork exists that explains what happens in the event of
the death of a partner. Little things like fuel, maintenance, etc. can
be a problem, but dissolution of the partnership can be a real
nightmare if not adequately planned for.
A friend had a 1/3 share in a Sky Master. The third partner was a
"silent" partner, who lived about a 1000 miles away, was not a pilot
and never intended to fly. I'm not sure of the details, but something
went awry, and the last time I saw the plane, it had three flat tires,
and desperately needed a paint job, and hadn't flown in several years.
So, IMHO, the most important thing about getting in, is knowing how to
get out. If any of the other details get nitty, then you always have
the ultimate escape clause.
jeb
|
| 5208.2 | Call AOPA...? | UCXAXP::MYTH | M. T. Hollinger | Wed Mar 19 1997 19:59 | 14 |
| You might try AOPA, for advice and sample partnership agreements.
The partnership agreement has been discussed (um, EXHAUSTIVELY?) here
before. I don't have a very comprehensive agreement with my partners
(most of whom are Digits), but it really hasn't been a problem. We
treat one another honorably, with or without a legal document
obligating us to do so. In the past, we had a couple less-honorable
partners, but there again, I don't think a better document would have
made them better partners -- or helped us get rid of them.
The real key is to find a good partner. If you have that, you'll have
a successful partnership. A good agreement is gravy.
Mark "MyTH"
|
| 5208.3 | | ATZIS3::MANNSBERGER | Guenter Mannsberger, AUI | Thu Mar 20 1997 10:54 | 9 |
|
There was a good article about joint ownership in FLYING or PLANE &
PILOT a few months ago - I can find it for you and mail a copy of the
article if you'd like ...... mail me on [email protected]
Guenter.
PS: I'm one of Mark's partners and I'm living on the other side
of the atlantic - and so far it works ....
|
| 5208.4 | | PCBUOA::BAYJ | Jim, Portables | Thu Mar 20 1997 14:52 | 12 |
| I guess I'll second what Mark said. I feel pretty comfortable about my
partnership, too. I guess the qualifier I should have explicitly
stated is that a two-person partnership is a little different than a
partnership with three or more, since if something happens to one of
you, there's only one other person involved to "tell the tale".
I think I picked up on some subtle concerns in .0 and thats what I was
addressing. In point of fact, I don't have a written document, but I
feel pretty comfortable with the partnership.
jeb
|
| 5208.5 | A book worth reading ... | ATZIS3::MANNSBERGER | Guenter Mannsberger, AUI | Wed Mar 26 1997 18:11 | 16 |
|
I found a very informative (IMHO) book about aircraft partnerships
and flying clubs:
FLY FOR LESS: Flying Clubs & Aircraft Partnerships
written by: Geza Szurovy
published by: McGraw Hill (TAB-Book)
ISBN: 0-8306-3851-2
price: $14.95
It describes all sorts of considerations and aspects of joint
ownership, as well as supplying you with agreement templates and
financial worksheets.
Guenter.
|
| 5208.6 | My 170 partnership... | CSC32::M_ANTRY | | Thu May 15 1997 13:11 | 25 |
| I'm a 1/2 owner of a 1949 Cessna 170, a Cream Puff classic!!!
Me and very good friend went in on the partnership and we set the
ground rules based upon an aggreement from a document I got from AOPA I
belive. We realized that worse comes to worse and we can not resolve
an issue we either buy each other out or we sell it off and go our
seperate ways. This is a Co-ownership and I can't imagine any more
partners than that. I think it would make it a little more sticky and
a little less personal. We split all the fixed costs 50/50 and we rent
the plane back to ourselfs for the cost of GAS so we don't have to
worry about how left it 2 gallons short of full the last time. We do
have a clause that if 1 owner flew it 100 hours and the other only flew
it 50 hours and it needs a new jug then that determines how much each
should pay. Right now we have just done 50/50 and no big dollar wear
related items (Knock on wood!!!). We have been in this agreement since
December '95 and it has been just great. We would like to have a
Cessna 180 but the 170 is just so economical. Maybe someday...
A comment on the 170 for a student pilot, they are a handful on the
ground. They have pretty poor tailwheel authority and the spring steel
landing gear is Very Springy shall we say. I can land it just fine now
afther about 50 hours and some have installed stiffer gear.
Mark Antry
N3861V
|