Sample Aircraft Partnership Agreement

To help you and your lawyer establish a co-ownership agreement, here is a checklist with some key issues to include in your agreement. The most important distinction between these two forms of ownership is related to the transfer of the interests of each co-owner if he dies. The interest of a common tenant is transferred to the heirs of a person in the absence of will, in accordance with his will or the law of the state. The surviving heirs and co-owners then become tenants together. On the other hand, the common rent is characterized by a right of reversion, which means that the interest of a deceased tenant is transferred to the surviving tenant or tenant. As far as aircraft co-ownership is concerned, this would mean that if you die, your share of the aircraft would go directly to your co-owner and not to your heirs. The concept of condominiums is very simple. There is nothing but two or more people who share responsibility for owning an aircraft. If you divide the cost of owning an aircraft among multiple owners, their costs decrease. The apparent simplicity of this agreement is one that attracts a number of aircraft owners to a condominium agreement. Once you have opted for a co-ownership agreement, your next important step will be to clarify the obligations of each co-owner.

We strongly advise you to take the time to draw up a list of the “basic rules” that any co-owner must comply with. The next step is to lead this list to a lawyer who can develop a co-ownership agreement binding all the co-owners. The extra time and relatively low additional cost it entails will far outweigh the risks of divergence and misunderstanding that will occur on the street. Buying new or used aircraft is always a significant investment. A common and simple way to reduce these costs is to share costs with other buyers. A co-ownership contract can halve or even freeze operating costs. This object report contains information on how to properly implement a common or common lease. The “Questions and Answers” section provides answers to frequently asked questions, but if you need any information you need, call the Pilot Information Centre at 800-USA-AOPA (872-2672) Monday to Friday, 8:30 a.m. to 6:00 a.m.

ET. AOPA`s aeronautical technicians are happy to help. This checklist also serves as a guideline for the development of your condominium contract. Remember, a professionally crafted agreement can save you a lot of fear in the future. In a condominium agreement, you have the option to choose the co-owners by selecting people whose aircraft needs and flight habits complement yours. The term “co-ownership” is often used in a way that is synonymous with “partnership.” However, these two regimes are not technically identical. A partnership includes an association of two or more people who are engaged in lucrative activities as co-owners of a business. Therefore, a partnership involves something much more complex than simple common ownership.

The goal of a partnership is to make a profit. So if all you want to do is share ownership of an airplane with another person, you will be co-owner, not partner. Let`s take a look at some of the specific issues we often hear from members. . In most countries, a condominium scheme is considered a common lease that is considered a common lease only if that provision is expressly created.

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