Your partnership sounds like the one I'm currently in except that we
charge ourselves more.

Our partnership started out without even an airplane in the hanger. The
first Mooney we looked at ended up not being what we were looking for.
We found 43H an discovered that she was what we were looking for even
though she was double in price of the previous Mooney.

So we started out with exactly the same investment. We formed a LLC for
liability, ponied up 10% down (5% each), taxes and the first years
insurance. From there we dumped 10% of our purchase price (just like
everyone said we would) into getting the maintenance squawks brought up
to snuff. Then we added a STEC-30 with GPS Steer... We now have a nice
'79 Mooney 201 that we use for traveling and $100 burgers.

As far as our partnership goes we have the same values as far as
maintenance and upgrades go so there has never been any issues there. We
both pay our monthly bills on time so no issues there either. We have
owned the plane going on 2 years now and have not had any scheduling
issues either. With a 2 person partnership you can pretty much have the
plane any time you like. At least that has been my experience.

Since the OP already owns the plane he can pretty much structure the
deal any way he wants. He can have a lump sum buyin for half the value
of the plane or any flavor thereof. The important thing is the
personalities of the partners. If they don't see eye-to-eye on issues
than it could be a miserable experience.

Myself, I wouldn't fly enough (50 or so hours a year) to keep a plane
well used so a partner was the best solution for me and the plane. Of
course your mileage may vary. Good luck

Jon Kraus
'79 Mooney 201
4443H @ TYQ


Dico wrote:
I know there are a lot of people with bad partnership arrangements but
I'd like to say that there are great ones. My partner and I fly less
than 100 hours per year combined. In the 5 years together I don't
think we've ever shown up at the airport at the same time to go
flying... he'll pay for the hangar lease, i'll pay for the insurance,
etc, etc... and at the end of the year we're pretty close. We charge
ourselves $20/hour when we fly... so if I fly 50 hours and he flys 20,
then i owe 30 x $20 more at the end of the year. That money just goes
towards the annual and new toys we buy.

All in all its pretty loosey goosey and a great relationship.

When I bought into the plane with him he gave me one piece of advice...
"just remember, its not air that keeps these planes in the sky... its
money -- and lots of it".

I hope you find yourself a partner as easy going as mine!

-dr