New Member - Co-Ownership/Partnership Advice
Posted: Mon Nov 04, 2024 6:33 am
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?
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?