Does anyone have a good template to form a partnership?

There's some good stuff over at AOPA, including a sample partnership agreement:

http://www.aopa.org/Pilot-Resources/Aircraft-Ownership/Pilots-Guide-to-Co-Ownership

But don't just copy the form--make sure it fits your particular situation. And then follow what you agree to. It doesn't do any good, and it's a total waste of effort, to create an agreement that nobody follows, whether it's an airplane partnership agreement or a contract for day care for the kiddies. If the agreement needs tweaking after you've been in the relationship for awhile, then tweak it, don't just ignore it.

Of course, the biggest single problem, or any problem in a partnership, can't be solved by even the most air-tight agreement. That biggest single problem is compatibility among the partners, which is a continuing issue in any relationship as individuals' circumstances change. When things start falling apart, best to end the relationship rather than try to rehabilitate it by getting picky about what's in the agreement.

Cary

If there are 2-4 partners delegate out responsibilities, years ago I was in a 4 way. 1 took care of the schedule he was also a CFII and did BFRs recurancy ect. 1was a CPA he handled the books that included a monthly detailed statement. 1(me) took care of maintenance scheduled annuals oil changes and such it usually required a 1/2 to1 hr test flight . 1 made sure the plane stayed clean. We lumped fixed costs, hangar rent, insurance, plane payments ect divided it by 4 and those were fixed monthly payments.

We flew hourly paid for our own fuel and charged $40 per hour went into a maintenance reserve, that paid for annual (owner assisted) tires batteries ect the rest was for engine, prop and other unforeseen stuff. It was a real comfortable partnership no conflicts ever.

I found out that I have a few hours of free consultation with a lawyer from AOPA. I'll see what they have to say this afternoon. It would be a 3way purchase and I do trust the other two friends buying the airplane, they are likely the only other pilots I would split a plane with. Now to figured out whether to form a partnership or jumping through the LLC hoops might be worth it.

I figured we'd have on guy on maintenance, and one on accounting.

We did spend some time this weekend going over exit options if things do fall apart but hopefully it works for a least a few years!

There aren't any difficult hoops to form an LLC, and frankly the issues remain the same, whether partnership, LLC, or corporation, as far as relationship among the people involved. Worry less about the format and more about the compatibility of everyone.

Cary