Please ensure Javascript is enabled for purposes of website accessibility

Blog

Is it possible to reduce the cost of aircraft ownership by having a partner?


 

Transcript:

Aircraft are often shared among two or more co-owners. If you’re considering this, make sure you have a written agreement documenting your arrangement. This prevents disagreements later by forcing you to think through and discuss each eventuality. Co-owners normally divide fixed or non-variable expenses based on how much of the aircraft each party owns, regardless of how much each one flies. The agreement must balance locking each owner into a commitment with providing reasonable opportunities to exit. I recommend a three year commitment, after that, the plane is sold unless all of the co-owners want to continue. Exit should be possible before then, but it will be more difficult.

Advocate Covers:

Our Results

Service Agreements

Small Piston Comprehensive Service Agreement

For Piston Aircraft with a gross takeoff weight of less than 6,000 lbs and costing less than $500,000 – $3,000 per year

Large Piston Comprehensive Service Agreement

For Piston Aircraft with a gross takeoff weight of more than 6,000 lbs or costing more than $500,000 – $5,000 per year

Small Turboprop Comprehensive Service Agreement

For Turboprop Aircraft with a gross takeoff weight of less than 12,500 lbs, and not subject to “truth in leasing” – $7,500 per year

Our Team

Meet the Attorneys

Jonathan Levy

Shareholder

Suzanne Meiners-Levy

Shareholder

Joseph Quackenbush

Managing Attorney

Letisha Bivins

Managing Attorney

Do you love aircraft? Work with our team of professionals!

Contact Us

Get in Touch
With Us

Get in Touch