Jon Kraus wrote:
I am in a partnership with one other person... So far it has really
worked out well. I didn't know this guy from Adam before we purchased

our Mooney but am getting to know him now. We talked a lot before
buying
and we both have the same feelings as far as maintenance and spending

money goes. We set up a Limited Liability Corporation to cover us in
case of an accident and then set up a joint checking and savings
account. We have an online calendar set up for reserving the airplane

but we don't really use it. It seems that calling one another is
easier.
So far no conflicts. We are both flying more than we did as renters
and
enjoying our Mooney very much.


I am also in a partnership in my Mooney. My main reason for getting a
partner was to ensure we got 150-200 hours per year. Anything less is
abusive to the plane. The partnership has been fantatic because we
agree on maintenance and have similar views on the operations.
One word of caution. Be vary careful about setting up corporations or
LLCs. Many states have pretty high minimum annual taxes for these
things. In California, all LLCs and Corp must pay at least $800/yr in
franchise tax. There is a way out of this (prove you are a non-profit
"club"), which is what we did. However, it took a lot of time and in
the end we presented almost 40 pages of documentation to get it. It's
not for the light-hearted.

-Robert