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partners?

 
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davidbf(at)centurytel.net
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PostPosted: Sun Mar 23, 2008 11:14 am    Post subject: partners? Reply with quote
I have a flying 6 and am contemplating building a 10 but the only way I could
justify if to my wife is if I somehow had partners in ownership. I'm honestly
not comfortable with partnerships in anything but I suppose if its drawn up
right and everyone agrees I think it could work out for everyone. I would like
to keep my 6 but have a four place to use when desired. My question is if there
are any FAA legalities that would not allow this or a flying club of sorts with
an experimental or if there are insurance issues. Is anyone aware if this is a
go or no-go possibility?

Dave Ford
RV6 N516D
Cadillac, MI

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pitts_pilot(at)bellsouth.
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PostPosted: Sun Mar 23, 2008 12:31 pm    Post subject: partners? Reply with quote
Log onto AOPA and look for their partnership agreement ...... and modify
as you and the partner see fit. Like you, I've never had a partner but
will start with the AOPA guidelines if I ever do.
Linn

davidbf(at)centurytel.net wrote:

Quote:


I have a flying 6 and am contemplating building a 10 but the only way I could
justify if to my wife is if I somehow had partners in ownership. I'm honestly
not comfortable with partnerships in anything but I suppose if its drawn up
right and everyone agrees I think it could work out for everyone. I would like
to keep my 6 but have a four place to use when desired. My question is if there
are any FAA legalities that would not allow this or a flying club of sorts with
an experimental or if there are insurance issues. Is anyone aware if this is a
go or no-go possibility?

Dave Ford
RV6 N516D
Cadillac, MI





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av8or(at)cox.net
Guest
PostPosted: Sun Mar 23, 2008 4:13 pm    Post subject: partners? Reply with quote
The only drawback is the partnership can not be "the builder." One person will have to be listed in the FAA paperwork as the official builder. That's the person who will have the liability too.

John Lenhardt
#40626
[quote] ---

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jesse(at)saintaviation.co
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PostPosted: Sun Mar 23, 2008 6:02 pm    Post subject: partners? Reply with quote
Actually, I believe you can have as many people as you want listed as builders, as long as they helped on it, but only one can get the repairman's certificate.

do not archive

Jesse Saint
Saint Aviation, Inc.
jesse(at)saintaviation.com (jesse(at)saintaviation.com)
Cell: 352-427-0285
Fax: 815-377-3694



On Mar 23, 2008, at 7:13 PM, John Lenhardt wrote:
Quote:
The only drawback is the partnership can not be "the builder." One person will have to be listed in the FAA paperwork as the official builder. That's the person who will have the liability too.

John Lenhardt
#40626



[quote][b]

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av8or(at)cox.net
Guest
PostPosted: Sun Mar 23, 2008 6:34 pm    Post subject: partners? Reply with quote
This again maybe by each FSDO (I have to deal with Richmond, VA). We're required to have only one actual live person's name as the manufacturer. The ownership type can be partnership. And yes, only one person can apply for the repairman's cert. YMMV

John Lenhardt
#40262
Do Not Archive
[quote] ---

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ricksked(at)embarqmail.co
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PostPosted: Sun Mar 23, 2008 7:25 pm    Post subject: partners? Reply with quote
You may want to consider a corporation, actually a LLC, to own the aircraft, with one of the members as the "managing partner" who holds the repair certificate. It would also provide a corporate umbrella protecting the "individuals" from certain liabilities. If one of the partners wants out, everyone votes and has to buy them out...seperates friends and institutes legal "civility"  But......check with your local favorite legal eagle and CPA...mileage may vary and I'm just brianstormin. FWIW, I would avoid boilerplate legal agreements, when considering such a specific contract, exact verbage and state specific law may really come into play. When your looking at possible $200K+ (Heh heh, I just passed that number) investment, as with everything else associated with the cost of this plane...whats another $500 to $1000 bucks to make sure every party is protected OR the perfect tool for the job.
PS-I just realized I spent almost 8 times the amount on my O2 system than I did my first car in 1973, My Dad co-signed a $700 loan to teach me financial responsibility. $42 buck a month. Times sure have changed.
Rick S.
40185
do not archive

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