As far as I know Indiana does not have annual fees for being in LLC. My
partner had previously checked into this as he has set up multiple LLC
for other busines ventures he is in. Thanks for the advise though...

Jon Kraus
PP-ASEL-IA
Student Mooney Owner

Robert M. Gary wrote:
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