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| Your airplane is your pride and joy. Chances are, you just spent a heap of money for that lovely little dream machine and it is going to cost you a lot more to keep it in top condition. Ownership of an airplane is a love/hate relationship. At least I think so. How is the airplane used? Business, pleasure? There are consequences to each. Is the airplane owned with a parter or partners? Do you have an operating agreement? How do you divide responsibilities? These are important questions that should be resolved with a partnership agreement. We have several on file that we can use to customize for your purposes. Finally, what is your liability exposure? Should you have an LCC or Corporation to protect you in event of a crash? Are you doing a leaseback on a new plane with a Charter Operation of Flight School? How will you protect yourself when your plane is crashed by someone else? You are investing tens of thousands of dollars in an airplane. Take the time to review your options before you purchase the aircraft. A short consultation with out office will most likely save you thousands of dollars later on. And remember, I would rather meet with you before trouble starts than afterwards.
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