Shared Ownership... Good or Troublesome

I am looking to start a partnership for my Mooney. I am looking for a
West Coast Location and hope to put together a 1/4 share arrangement. I
just dont fly enough to justify owning the ship but want to still be
able to fly from time to time.

Does anybody have any partnership experience they can share?

Thanks
Steve

I'm now in my 2nd partnership (Skyhawk both times). Aside from the need for
regular billing (& payment) discipline for the partners, the main thing I've
learned is to be sure to qualify that people that you consider including in
your group have the same attitudes toward maintenance. It can be
frustrating when only some of the partners are willing to invest time in
periodic maintenance of the machine (oil changes, cleaning, other things
that owners are allowed to do).

I fully agree that a good partnership with like minded pilots is the best
way to own and operate an airplane for those of us who fly for recreational
and transportation purposes. There is no way I could justify owning an
airplane without partners since I can't use it in my business. The same is
true for our sailboat. However, I think the optimal number of partners is
3.

Good luck!

Leonard
Dallas, Texas

P.S. I found my current group in the classified at aopa.org.
Aircraftclubs.com has a good scheduling service which we use, they also have
a bulletin board for advertising your partnership shares.
"Steve B" wrote in message
oups.com...
I am looking to start a partnership for my Mooney. I am looking for a
West Coast Location and hope to put together a 1/4 share arrangement. I
just dont fly enough to justify owning the ship but want to still be
able to fly from time to time.

Does anybody have any partnership experience they can share?

Thanks
Steve

I could not agree more!

I am SO fortunate to have 2 partners with the same (completely anal)
attitude on maintenance.... EVERYTHING gets fixed ASAP, whatever it
takes.

Another thing..

When you buy the plane, ...

Makes SURE you and your partners come to the deal with CASH!

DO NOT EVER get into a joint and several loan plan for the aircraft.!

Let each use whatever means to get their $$$$ separately. They make
their own arrangements, bring cash to the table. No bank has a lein on
the airplane... Nobody gets stuck with all the $$$$ if one or others
do not/are unable to pay.

It takes more financial depth to operate an aircraft in a partnership
than it does to own it outright yourself.

If any of you cannot plunk a cheque on the table for your porton of an
engine overhaul, a nav com, or the isurance deductable without
wincing, you have the wrong people at the table!

Use a good shareholders agreement, COPA has an excellent draft, AOPA
probably has one also..

Older and (much) wiser owners were emphatic on the above advice to
us..

We took it...

Cheers & good luck!

Dave

On Thu, 30 Nov 2006 04:47:45 GMT, "Leonard Ellis"
wrote:

I'm now in my 2nd partnership (Skyhawk both times). Aside from the need for
regular billing (& payment) discipline for the partners, the main thing I've
learned is to be sure to qualify that people that you consider including in
your group have the same attitudes toward maintenance. It can be
frustrating when only some of the partners are willing to invest time in
periodic maintenance of the machine (oil changes, cleaning, other things
that owners are allowed to do).

I fully agree that a good partnership with like minded pilots is the best
way to own and operate an airplane for those of us who fly for recreational
and transportation purposes. There is no way I could justify owning an
airplane without partners since I can't use it in my business. The same is
true for our sailboat. However, I think the optimal number of partners is
3.

Good luck!

Leonard
Dallas, Texas

P.S. I found my current group in the classified at aopa.org.
Aircraftclubs.com has a good scheduling service which we use, they also have
a bulletin board for advertising your partnership shares.
"Steve B" wrote in message
roups.com...
I am looking to start a partnership for my Mooney. I am looking for a
West Coast Location and hope to put together a 1/4 share arrangement. I
just dont fly enough to justify owning the ship but want to still be
able to fly from time to time.

Does anybody have any partnership experience they can share?

Thanks
Steve