Sample Aircraft Partnership Agreement

Does anyone have a sample aircraft partnership agreement or
a link to one that I could review?

TIA

Does anyone have a sample aircraft partnership agreement or
a link to one that I could review?

TIA


I no longer have the one we used, but I remember an important provison in it.
Arbitration will be used to resolve any disputes, and the arbitrator's findings
will be binding.

It takes any serious dispute out of the courts.

We rotated scheduling of the aircraft among the three of us on a monthly basis
(that means the guy with the scheduling responsibility got to treat the
airplane as his own if no one else had scheduled it).

We tried to determine which costs varied with use, including a reserve for
MOHs, and which were more or less fixed. The fixed costs were shared equally,
the variable ones paid by the tach hour.

You'll need something to protect yourselves if a member has borrowed money for
the airplane using his share of the airplane as security. I'd recommend you
include a provision that any partner must offer his share of the airplane to
the remaining partners at whatever price he has a buyer for his share. Allow a
week or two after the offer to sell is formally made for the other partners to
decide what to do.

We were also in the habit of acting as safety pilots for each other, as a way
of assuring proficiency. Saying "It's your airplane" when the Pilot had his
head down under the hood after some critical instuments were covered and the
airplane in deep slow flight and banked steeply was considered good sport.

FWIW, we never had to envoke any of the protective measures in the agreement.
Problems were all resolved with reasonable discussion, but we all knew the
agreement offered a way of making decisions if other ways didn't work.

(Having the right doesn't make it a duty to exercise it.)


The above is worth exactly what you paid for it.

AOPA has info on their web site.

But...in my opinion, and the way our 4-way group is set up is within a
limited liability corporation. Each member owns 1/4 of the corporation
which owns the asset (airplane and bank account).

We've weathered a partner divorce with no problems. In our corporation,
no one can use the aircraft as loan collateral.

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Does anyone have a sample aircraft partnership agreement or
a link to one that I could review?

TIA

--
Al Gilson
Spokane, WA USA
1970 VW Convertible
1964 Cessna Skyhawk