[Alberg30] Partnership advice?

[John Phillips]

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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