[Alberg30] Partnership advice?

[Furey, Bill (CORP)]

I've had three partners in an airplane for the last ten years.
One device we use which is very effective is have the office
at the airport(FBO) keep a scheduling book on us-maybe you could get
a secratary at your local marina do it for a nominal fee or X-masgift
As a result, you call a neutral person to schedule the boat-if its
just one partner, and you getalong with him/wife/girlfreind then
fairly frequent calls might not be a problem-I've found that in a
partnership like this I was'nt looking necessarily for a social or
close friendship type relationship, so the detached scheduler worked.
e.g.I'd call & see if the airplane was scheduled for the weekend of
such & such, and if not, pencil me in-Worked great!  Of course, discussions
always came up about new equipment etc-I'm fairly cheap-a couple of my
partners were'nt and wanted advanced GPS installed etc-I could get by
with a hand-held-hope this helps.

-----Original Message-----
From: John Phillips [mailto:n00chie at hotmail.com]
Sent: Tuesday, March 26, 2002 6:23 PM
To: public-list at alberg30.org
Subject: Re: [Alberg30] Partnership advice?


My father is an attorney and ownes a small airplane with two other men.  He 
set up the airplane as a small business and the three owners then purchased 
shares of that business.  A log is kept and they agree to put something like

$10/hour into a slush fund for routine maintenance and such.  Larger 
problems can be divided along stock ownership percentages.  If one partner 
leaves, he is responsible for selling his stock.

Advice for drafting contracts:
Use simple language and say what you mean.  Avoid legal jargan and pay 
attention to words like "must", and "could".

Starting a business in most states is usually simple legwork and a $75 fee.

Expect to get bounced between departments 4 or 5 times though.

Disclaimer - I am not a lawyer, nor do I represent one.  This is just my 
observations from living very close to one. Cheers!

-john
#294 Cleo-na-mar


>I'm sure there are downsides to partnering, but I'm pretty amiable. My
>potential partner seems like a heads up guy - he's smart enough to
>follow this forum. :0)
>
>We are both wondering about partnership agreements. Are they hard to set
>up? Should they be drawn up by an (ack) attorney? Is there a "boating
>community" standard?
>
>Any thoughts on the topic would be much appreciated.
>
>Thanks in advance.


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