Jon Kraus wrote:
We have a 2-way partnership in 43H. We are seriously thinking about
adding one last person and in talking to them they asked about what
happens if their job took them out of town and they had to get out of
the partnership.

What is the usual procedure? Do you get an appraisal and divide it by 3
or what? I know I should have thought about this before but our
agreement between just the two of us has the one leaving the partnership
supplying a "new" partner in their place. I think I know what to do but
I am probably missing some good information that this group provides.
Thanks in advance.

If he leaves, its his responsibility to sell his share. What happens to
his house if he gets a job out of town, doesn't he have to sell it?
Usually you will add a last-right-of-refusal saying if you presents a
buyer that meets the requirements you have the option of matching the
buyer's money and preventing the sale (i.e. buying it yourself).

Be very, very careful of partners who think they are putting money down
in order to fly for less money. Its very important that they understand
they are *BUYING* a piece of the plane, with all the rights and
responsibilities of being an owner. Having sold partnerships myself I
can tell you that is the biggest red flag you can ever see. Do not let
this guy think he's just "putting up money" to fly the plane. He buys
it, he owns it, he has to sell it.

-Robert