Share an airplane (renting, insurance, attorney)

[tworent]

I just bought a new plane and to cut down on expenses I was thinking about selling shares in the plane I see it all the time but was wondering if anyone has had problems in the past doing this.

[annerk]

I would absolutely speak to an attorney before you go any further. And your insurance company might have an issue with it as well.

[Stray_Dude]

I've looking into sharing an airplane in the past, and it seems workable if a couple of things are worked out first...
(a) Keep the number of partners low, like 2 or 3.
(b) Ensure that the partners have different lifestyles so schedules don't generally clash (so if one person uses it for work during the week, the other is a social weekend flyer and other working on a rating, etc.
(c) It seems like similar ratings would work out better, so there are less clashes of what equipment should be on the aircraft.

BTW, I remember that AOPA had a lot of legal guidelines/docs for this. IIRC there is a big legal difference between renting unused time vs. co-ownership (even if you are the major partner).

BTW2, what type of airplane? I really like Piper Arrows, and want to try one of the newer low-wing composites one of these days when I get back into flying.

Cheers,
-Neil.

[Learflyer]

Which airport do you operate out of?

[tworent]

Originally Posted by Stray_Dude

BTW2, what type of airplane? I really like Piper Arrows, and want to try one of the newer low-wing composites one of these days when I get back into flying.

Cheers,
-Neil.

2004 Cirrus SR22-GTS

Learflyer no airport