Feel free to use our Search link to view our members aircraft. We would like you to Register as members add/change aircraft.
An aircraft purchase, new or used, is always a
significant investment. A common and
simple way to diffuse this cost is by sharing
the expense with other purchasers. A co-
ownership agreement can halve, or even
quarter the cost of ownership. This subject
report provides information on how to
properly set up a tenancy in common or a
joint tenancy.
The concept of co-ownership is very simple. It is nothing more than two or more individuals sharing the responsibilities of owning an aircraft. Obviously, when you spread the costs of aircraft ownership among multiple owners, your costs decrease. The apparent simplicity of this arrangement is what attracts a number of aircraft owners to a co-ownership arrangement.
In a co-ownership arrangement, you have the opportunity to select the co-owners, choosing people whose aircraft needs and flying habits complement your own. The term "co-ownership" is often used interchangeably with "partnership." However, these two arrangements are not technically the same. A partnership involves an association of two or more persons who carry on as co-owners of a business for profit. Therefore, a partnership involves something far more complex than simple shared ownership. The objective of a partnership is to make a profit. So, if all you want to do is share the ownership of an aircraft with another person, you will be co-owners, not partners.
There are different types of co-ownership arrangements. The most common is called tenancy in common. The other general type of co-ownership is called a joint tenancy. In a tenancy in common, the co-owners are called tenants in common or co-tenants. In a joint tenancy, they are called joint tenants.
