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Date: Wed, 11 Nov 1998 12:03:44 -0500
To: lancair.list@olsusa.com
From: ReganRanch@aol.com (by way of Marvin Kaye <marvkaye@olsusa.com>)
Subject: Partnerships / insurance
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In a message dated 98-11-11 00:17:48 EST, Bob asks:

<<Does anyone have a partnership agreement for building aircraft that we
 could use/copy from? >>

When I started building my plane we had 6 guys working on two planes. The way
we worked it was to separate the money from the hours worked. Ownership in the
equity of the aircraft was in direct proportion to hours worked. I set up a
spreadsheet to track everyone's time and logging your time was the last task
before going home. The investors were given a fixed rate of return on their
money and it was secured by the aircraft under construction. 

After about a year I had worked 50% of the total time on the two aircraft and
had about half the money invested. I didn't want a majority share in two so I
said that I wanted to split the project and take one of the planes. We voted
on which of the two planes was nicer and they took that one and I took the
other. Some months later they sold the unfinished kit. The investors were paid
off and the remainder was split in proportion to hours worked. Everyone was
happy.

As far as insurance goes, the plane isn't a plane when it is a kit so
renter's,
homeowner's or business insurance should cover "aircraft parts". Check with
your agent.

Regards
Brent