If you have a partnership on an airplane with three
partners... and two partners are flying together and crash
and die, also killing some people on the ground...
The surviving partner is legally liable as the owner of the
airplane... His personal assets are on the line;home,
businesses, everything.

Incorporation and owning shares protects your assets.




"Robert M. Gary" wrote in message
oups.com...
|
| B A R R Y wrote:
| Robert M. Gary wrote:
| That's how I understand it, and that's how my two owner
aircraft is set
| up. We both coughed up 1/2 the equity, it's registered
to both of us,
| etc...
|
| However, N2310D's original description sounded a lot
like a single owner
| renting or bartering blocks of time to cover his
ownership costs.
|
| Yea, you'd want to be real careful with that, both from
the FAA and the
| insurance side. You don't want it to look like you're
renting the plane
| out (even if you're only renting to a few pilots).
|
| -Robert
|