New Member - Co-Ownership/Partnership Advice

[johnplyler]

Hi, everyone! After a few months of networking and research, I finally pulled the trigger on joining the club. I am currently based near RUQ and am a very new pilot looking to wrap up my private certificate in a taildragger.

After about a year or so of research and talking to other pilots, my heart has landed on the 140 (perhaps with experimental in the future, but two young daughters are the strongest argument against that...) and I've been tinkering in my head with purchasing one of the few available locally.

After running the numbers, I can make a solo purchase work, but having 1-4 partners would be ideal. Here is where the young cub comes to seek some tribal knowledge:

1) It's hard enough to find people to trust outside of aviation - anyone have recommendations for networking for partners? I know forming the partnership *prior* to purchasing the plane has some drawbacks... Also, everyone I know interested in a 140 already has one! I will say my local network is rather small since I did all of my primary training at an airport over a half-hour away.

2) Partnership structure - right now I am looking over the AOPA's partnership materials and have been drafting up bylaws for an LLC or S Corp. Someone has also suggested a non-profit corporation as an option. What type of entity do you all have experience with? Are there any other tips to entering a partnership?

3) Anything else I could be missing before I fully commit to going down this rabbit hole?

[6643]

My personal perspective is, if you can afford to go it alone, do so. You'll never have scheduling conflicts or arguments about building up the maintenance reserve. Also, no lawyers required.

If you were considering a Bonanza or 414 or something seriously expensive it may make sense to "share", but not so much a 2 seater.

Good luck!

[6898]

Welcome to the Assoc., Thinking your making a great choice of 1st aircraft. The 140 is our first aircraft some 20 years ago now, it has been a great experience and aircraft for us. We started out with a 3 partnership purchase ( all in good faith with a handshake because they were friends and my mentors family) I shortly after that purchased those 2 out and have never looked back. If its the perfect person or multiple owners It could work, but this aircraft is pretty simple to own and maintain if you find the right one so I agree with John if you can try and do this on your own? That would be my suggestion . Keep us posted and involve the Assoc. if you need advice.

[8413]

I say buy it on your own. After being immersed in the local scene at the airport you may find it easier to make friends and potential co-owners. Then if you still want a partner you will have a better chance of getting a good one...preferably one with an IA
Josh

[V529]

I've watched 4+ decades of aircraft ownership(from the maintenance side). Also owned and been partners in several aircraft.

The absolutely most important criteria is to find someone who has a similar viewpoint on flying and maintenance as you.
It would also help if they are financially similar.

If partners have a different philosophy on usage (time), maintenance, how and when to implement needed maintenance or possibly upgrades it will only lead to disagreements or friction, probably sooner than later.

You may take the approach that any required maintenance needs to be accomplished right away, others.............well...........not so much. Ususally due to cost.(sometimes down time)

If you can go it alone, please do so. Finding a similarly minded person is step A.
Also, note; "there is no parking lot in the sky". It's best not to "skrimp" on maintenance, and yes, aircraft, even 120/140's can be expensive(well the parts anyway....... can be expensive) If you get close and want some personal insight, please feel free to reach out via PM. I've had lotsa' experience with a wide varity if aircraft owners.

[johnplyler]

Thank you, everyone! Great advice. So far I have one very interested party and one maybe.