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Sharing an aircraft

TEG916

Senior Member
Joined
Jan 3, 2011
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Can somebody give me some guidance on something that I am thinking of setting up in the distant future :?:

So here is what I have in mind, it isn't set in stone. I would like to set up something that mirrors a partnership in an aircraft, but retain full control of the aircraft. Here is what I am thinking:

I would own the aircraft completely. I would probably look for 1 other person that is interested in flying without purchasing an aircraft. The fixed costs (insurance, tie downs, etc) would be shared, and I would want the other user to pay into an hourly MX reserve to cover wear and tear of the aircraft. I would retain responsibility of the maintenance of the aircraft and logistics. If either party wants to terminate the deal then they can just walk away.

This could be beneficial to me because I will have an aircraft that is very available, and I would reduce the fixed cost of ownership of the aircraft. It would be beneficial to the other party because they would have an aircraft that is very available, and they would have a fixed monthly/hourly cost for using the aircraft. This would probably work out to be cheaper than renting an aircraft from a flying club (depending on hours flown).

The big question is, what kind of liabilities am I opening myself up to? What downfalls do you see with something like this? Would this be considered as renting my aircraft out, and if so what would I have to do differently than if I just owned the aircraft?
 

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