Taking the plunge into ownership.

Well, today I put a deposit on an airplane! It's a 1961 C-175B with an
upgrade to an O360 with a constant speed prop. What a sweet plane, always
hangared with 2268TT. I only will own 1/3 of it, but the other two partners
only flew 200 hours in the last three years total. Can't wait to take her
out. Guess I will find out how the partnerships work after all. Apparently
they split the hangar and annuals equally in 1/3's and other things come
from the kitty (each partner pays $20.00 per hour flown). When there is not
enough money in the kitty, the balance is calculated according to who is
flying the plane the most. That part seems a bit strange to me. If I fly 10
hours to florida and land twice, I don't wear the tires as much as the guy
doing touch and goes for an hour.

Any insight on how other partnerships split these kinds of things?

Also, apparently I don't have to pay any sales tax because I am buying
shares of a corporation rather than a plane. Is this right?

Wayne

Wayne