Garmin GTN 750 & 650

[midlifeflyer]

Something you might consider asking your partner (there are four of us owning our plane).  Our agreement allows members to own different percentages of the plane (technically the LLC).  As a matter of fact, I own almost twice as much of the LLC as the others do.  I did that to allow us to get a nicer plane.  We all still pay the same monthly costs ($250/month) and operating costs ($25/hour dry).  The only time it will make a difference is if we sell the plane.  When that happens, I'll get a larger share of the sale price that is proportional to the percentage I own.

 

Our agreement calls for a majority vote to install or upgrade avionics.  If we pay extra, that is, a one time assessment, our stake in the plane in terms of dollars is increased in proportion to dollars spent.  However, it also allows that with the group's permission, fewer than all members can pay for 100% of the install/upgrade if they wish.  If they do, their percentage of ownership increases in proportion to the cost of the upgrade.

 

 

This post illustrates some of the advantages of the LLC as a form of co-ownership. Just for balance, an alternative to this arrangement - where the person who invests in new equipment has his share of the LLC increased by the purchase price -  is an arrangement where a member does not gain a greater share of the LLC (most importantly voting rights) by buying equipment solo and only part of the purchase price is credited to a financial share if/when the airplane is sold.

[midlifeflyer]

Total time means little without currency.

Clarence

 

A lot of total time can mean a lot even without much currency. And even then, sometimes all it takes is a little currency. Depends on the aircraft involved.