netsurfr
Well-Known Member
- Joined
- Jun 15, 2014
- Messages
- 1,311
- Reaction score
- 132
I posted here that I'm considering buying into a 50% partnership (actually co-ownership) on a 1976 Piper Lance. I've found out that the current partners have been operating without any type of written agreement although they both discussed it in the past but never got around to it. Now that one of them is selling and I'm looking at buying I will not do this without a written agreement so have a few questions. I've read the sample AOPA agreement and would be using that as a starting point but some questions...
1. I've read that it's very important to spell out what happens when a partner wants to get out /sell their share so curious as to how other 2 person partnerships handle this? Does the agreement say the remaining partner has to buy the selling partner out or is it only possible to sell if you find a replacement buyer?
2. What happens if, for example, the other partner stops abiding by the agreement by say consistently being late w/ payments or not paying their share of expenses etc...
3. How are responsibilities typically divided up? Does one partner typically carry the load (e.g. do the accounting, schedule maintenance, wash plane, etc...) and if so do they get compensated for handling those duties?
These are 3 of my bigger questions for now but if there's anything else I should think about please do share. I'm totally new to this and trying to make sure I do it right or not at all.
1. I've read that it's very important to spell out what happens when a partner wants to get out /sell their share so curious as to how other 2 person partnerships handle this? Does the agreement say the remaining partner has to buy the selling partner out or is it only possible to sell if you find a replacement buyer?
2. What happens if, for example, the other partner stops abiding by the agreement by say consistently being late w/ payments or not paying their share of expenses etc...
3. How are responsibilities typically divided up? Does one partner typically carry the load (e.g. do the accounting, schedule maintenance, wash plane, etc...) and if so do they get compensated for handling those duties?
These are 3 of my bigger questions for now but if there's anything else I should think about please do share. I'm totally new to this and trying to make sure I do it right or not at all.
