What I find interesting is that a deposit has already been put on the table
to join the partnership, but now there are questions on how things are done.
Shouldn't this be what was explored, considered, and questioned, prior to
putting the money on the table??

MP


"Wayne" wrote in message
news
Well, today I put a deposit on an airplane! It's a 1961 C-175B with an
upgrade to an O360 with a constant speed prop. What a sweet plane, always
hangared with 2268TT. I only will own 1/3 of it, but the other two
partners
only flew 200 hours in the last three years total. Can't wait to take her
out. Guess I will find out how the partnerships work after all. Apparently
they split the hangar and annuals equally in 1/3's and other things come
from the kitty (each partner pays $20.00 per hour flown). When there is
not
enough money in the kitty, the balance is calculated according to who is
flying the plane the most. That part seems a bit strange to me. If I fly
10
hours to florida and land twice, I don't wear the tires as much as the guy
doing touch and goes for an hour.

Any insight on how other partnerships split these kinds of things?

Also, apparently I don't have to pay any sales tax because I am buying
shares of a corporation rather than a plane. Is this right?

Wayne

Wayne