Airplane agreement

[Vlakvark]

Hi all.
I'm looking for an example of an airplane owners agreement. Plane will be shared 50/50.

Any ideas, help. 

Thank you  

[Hank]

AOPA has some sample agreements for partnerships and flying clubs.

[MyNameIsNobody]

I have one.  (Based on AOPA form). 50% co-ownership and formation of an LLC.  PM me with e-mail and I will send you a copy.  It is a word document.

[RobertGary1]

If you plan to do a corp or llc might be good to consult an attorney. For instance in California llc's and corps must pay $800/yr franchise tax regardless of state of registration. The state has been known to use tie down records to go after "out of state" llcs not paying when they have an aircraft in state. 

-Robert

[Vlakvark]

No joy for the PM to MyNameIsNobody. 

[midlifeflyer]

2 hours ago, RobertGary1 said:

If you plan to do a corp or llc might be good to consult an attorney. For instance in California llc's and corps must pay $800/yr franchise tax regardless of state of registration. The state has been known to use tie down records to go after "out of state" llcs not paying when they have an aircraft in state. 

-Robert

Even if not planning to do a corp or LLC, it might be a good idea to consult an attorney who is familiar with putting these things together. It's like most other contracts; If nothing bad even happens, if no one ever disagrees on anything, it probably doesn't  matter. OTOH, if something does happen, it can make a big difference in how it plays out.

[David Mazer]

This is something we created for a 4 way partnership in FL.. I believe the names have been deleted to protect the guilty!

Mooney_LLC_Operating_Agrmt.doc

[N201MKTurbo]

2 hours ago, David Mazer said:

This is something we created for a 4 way partnership in FL.. I believe the names have been deleted to protect the guilty!

Mooney_LLC_Operating_Agrmt.doc

This is a very good agreement. I would add more about paying for maintenance especially if one member flys 95% of the hours (me). The other member wanted to pay 5% of all maintenance including periodic inspections and tank reseal. All this was spelled out in our agreement but he quit paying anyway. It was all setteled per the agreement in the end but I lost a friend...

[MyNameIsNobody]

20 hours ago, Vlakvark said:

No joy for the PM to MyNameIsNobody. 

Forwarded to you this morning.  Joy?

[MyNameIsNobody]

3 hours ago, N201MKTurbo said:

This is a very good agreement. I would add more about paying for maintenance especially if one member flys 95% of the hours (me). The other member wanted to pay 5% of all maintenance including periodic inspections and tank reseal. All this was spelled out in our agreement but he quit paying anyway. It was all setteled per the agreement in the end but I lost a friend...

Ours is .2AMU/month for maint/hanger/insurance and $25/hour into engine fund.  It has worked well for two.  If there is four and you are paying $165/month that is 660/month into engine fund or nearly 8grand a year.  You have an engine in nearly four years.  That seems excessive.

[N201MKTurbo]

21 minutes ago, MyNameIsNobody said:

Ours is .2AMU/month for maint/hanger/insurance and $25/hour into engine fund.  It has worked well for two.  If there is four and you are paying $165/month that is 660/month into engine fund or nearly 8grand a year.  You have an engine in nearly four years.  That seems excessive.

These things work best if everybody has an equal interest in flying and maintaining the plane.

[RobertGary1]

I had a couple partners in my Bo for many years. Not sure what's in the water but we had two year ups last year. Decided we were all done after that. I'm happy to keep my Mooney to myself

-Robert